The Iraq Development Fund says there are investment opportunities worth $40 billion in products that Iraq currently imports but could potentially manufacture inside the country.
Mohammed al-Najjar, head of the fund, said Iraq’s large annual import bill highlights the scale of the opportunity. According to him, the country still relies heavily on imported goods to meet its needs, creating a significant opening for local industries and foreign investors.
Al-Najjar explained that if a substantial share of these imports were replaced with locally produced goods, Iraq could reduce its dependence on foreign products, create thousands of jobs, and stimulate long-term economic growth.
He said the strategy is not only about reducing imports but also about building a stronger and more diversified economy. By attracting international investment into manufacturing and industrial projects, Iraq could develop new sources of income beyond oil.
Al-Najjar also emphasized that the Iraq Development Fund is designed as an investment vehicle rather than a source of government spending. Any profits generated from its projects are intended to be reinvested into additional development initiatives, creating a cycle of sustainable economic growth.
He described the fund as an important tool for helping Iraq build an alternative economic model, particularly at a time when the country faces several challenges, including the absence of an approved federal budget, regional instability, and disruptions to oil exports.
According to Al-Najjar, encouraging domestic production and investment could help Iraq strengthen its economy, expand employment opportunities, and reduce its vulnerability to external economic pressures in the years ahead.
