BAGHDAD, Jan. 10 (Xinhua) -- Iraqi Prime Minister Mohammed Shia' al-Sudani inaugurated here on Saturday the 11th Iraq Energy Exhibition and Conference, calling for expanded international cooperation to advance the country's energy development.

The three-day event has drawn more than 450 companies from over 16 countries and regions, signaling Iraq's position as a "promising market with substantial opportunities in the energy field," according to a statement by al-Sudani's media office.

Al-Sudani reaffirmed the government's strategic focus on the energy sector, "encompassing both conventional and renewable sources, to ensure sustainable development."

Highlighting the country's energy expansion, the premier said the Iraqi Electricity Ministry is moving forward with an ambitious plan to electricity production capacity to more than 57,000 megawatts, through projects in cooperation with Germany's Siemens and the U.S. General Electric.

He stressed that Iraq has made major progress in investing associated gas, with gas-flaring reduction exceeding 72 percent and a target for "full elimination" by the end of 2028. Additionally, he said that a comprehensive plan is underway to "transition toward renewable energy" at the district and sub-district levels, with implementation "expected during the coming summer."

He also noted significant progress in increasing production through major oil projects in partnership with leading international companies, including Total and BP, while maintaining continuous dialogue with ExxonMobil and Chevron.

Iraq's economy relies heavily on crude oil exports, which account for about 90 percent of the country's revenues.