Baghdad: An economic expert has urged the adoption of a comprehensive Iraqi trade balance as a means to bolster the local industry. Dirgham Muhammad Ali, an economic expert, emphasized the need for a detailed study of the nation’s most imported goods and the development of local manufacturing capabilities for these products.

According to National Iraqi News Agency, Ali stated that reactivating the Industrial Development Department is crucial. He proposed that it be linked directly to the Prime Minister’s office and granted extensive powers to support the industrial sector. He highlighted the importance of analyzing the trade balance and types of imports to effectively prioritize support for industries whose products are predominantly imported by Iraq.

Ali stressed that without a significant industrial revival, Iraq risks remaining dependent and stagnant. He also highlighted the importance of focusing on industrial banking, noting that the insurance sector requires development to provide necessary support and assurance to the industrial sector.