Baghdad's "City of Gold" to Become Major Economic Engine
The City of Gold project in Baghdad, recently approved by Iraq's Minister of Trade and endorsed by the Ministerial Council for the Economy, has been hailed by the Trade and Economic Research Centre (TREC) as a transformational initiative that could significantly reshape the country's economic landscape.
Dr. Mudhhir Mohammed Saleh, Financial Advisor to the Prime Minister, described the project as a strategic move to position Baghdad as a regional hub for gold and jewellery manufacturing and trade. He emphasised Iraq's geographic location and artisanal heritage as key advantages that the project will leverage.
The planned city will feature advanced gold-processing factories, design workshops, marketing centres, vocational training facilities, and gold-testing laboratories. Dr. Saleh said the initiative could generate thousands of jobs for young Iraqis and artisans, enabling the country to shift from being a consumer market to a centre of gold production and export.
Seen as part of Iraq's broader economic diversification strategy, the City of Gold aims to reduce reliance on oil and foster the growth of the private sector, particularly small and medium-sized enterprises. It is also expected to support financial stability by creating alternative income streams grounded in local industry.
TREC called on the Ministries of Education and Higher Education to align academic and vocational programmes with the technical needs of such transformative projects, equipping young Iraqis with the skills to succeed in the emerging labour market.
(Source: Ministry of Trade)
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