Iraq’s GDP will reach $150bn in 2014

03/07/2012 19:40

ERBIL, June 3 (AKnews) - The Iraqi Deputy Prime Minister Ruz
Nuri Shawis stated today that the country's gross domestic product will
reach $150bn in 2014 from $100bn and the oil revenues constitute about
95 percent of it.

Shawis
said in a speech in the Krantz Montana forum held in Azerbaijan’s
capital Baku: "The Iraqi economy has witnessed remarkable shifts, in the
framework of its readiness to return to the global economy, on the path
of openness and freedom and the adoption of the supply and demand as
essential mechanisms in the economic relations in a way that facilitates
the process of integration in the international economic system."

He
said according to a statement issued by his office: "Iraq has made a
number of positive developments in the economic level over the past
years in a number of indicators, where the GDP will increase per capita.
"Iraq
has oil reserves that reach up to 143 billion barrels and estimated
reserves that exceed the proven reserves, as well as large reserves of
natural gas that reach up to 126.7 trillion cubic feet.

"We
expect the investments in this sector to participate in the development
of the oil industry in Iraq through the contract licensing rounds with
dozens of major international oil companies.

"The electricity
sector needs significant investment to double the generating capacity to
meet local demand through the establishment of new generating stations
throughout Iraq. There is a need for significant investment in this
sector to meet the growing demand which is expected to double by the
year 2015 to 20,000 megawatts."

With regard to the
telecommunication sector he said: "The Iraqi market is the fastest
growing in the region in mobile communications, although much of the
infrastructure in this sector still needs considerable investment
opportunities to invest in wireless and services communications for
internet and landline phone."

By Abdullah Sabri
http://www.aknews.com/en/aknews/2/315293/