The World Bank said in a report the Afghan government needs to boost certain sectors including mining and agriculture to boost its economy.
Report Claims Local Economy Could Grow By 6% A Year
The World Bank recently released a report on Afghanistan’s economic situation and said if the country uses its resources properly, especially in mining and agriculture, Afghanistan’s economy could grow by 6.5 percent a year between now and 2030.
The World Bank has asked the Afghan government to encourage private sector investments in the mining sector so as to boost economic growth.
Ministry of Mines and Petroleum (MoMP) meanwhile said they have plans to improve domestic gross production (GDP).
“The Afghan government has committed to the international community to bring necessary reforms in this regard. The mining ministry has prepared a strategy to attract direct investments in the mining sector and to use the mines effectively to put a positive impact on Afghanistan’s economic situation,” mining ministry spokesman Abdul Qadeer Mutfi said.
The World Bank report also pointed to the agriculture sector and said there was enormous potential in this sector. The WB said that if promoted properly domestic produce could eventually replace imported produce.
The Ministry of Agriculture, Irrigation and Livestock (MAIL) said the agriculture sector has already started playing a key role in the country’s economic growth and has launched numerous programs to boost the sector.
“Our figures show that nearly 80 percent of Afghan people are directly or indirectly involved in agriculture and livestock and this has a significant role in increasing domestic revenue,” MAIL spokesman Lotfullah Rashid said.
The World Bank also stated that the Afghan government needs to improve tax collection systems and do more to attract foreign investment.