Iraq five-year plan will attempt to diversify economy

Thu, Sep 19, 2013

by Raheem Salman

Iraq's government released a five-year economic plan which will develop the industrial sector and diversify beyond oil production. The plan could mark a new stage in Iraq's economic standing.

The plan for the years 2013 to 2017 calls for investment of approximately $357 billion in development projects across the country, focusing in particular on five sectors: building and services, agriculture, education, transport and communications, and energy. About 79 percent of that investment total would come from the government and the rest from the private sector.

Oil would remain by far the biggest source of revenue for the government during this period but the five-year plan also envisages increases in agricultural production to reduce Iraq's dependence on grain imports.

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