Invest KOREA

The Korea Trade-Investment Promotion Agency (KOTRA) and the Ministry of Trade, Industry and Energy held a forum to promote economic cooperation between Korea and Iraq in Bagdad on April 1. This event was organized to support Korean companies striving to win construction projects worth USD 275 billion in Iraq. An economic mission of Korean government officials and business representatives participated in the event.

The Iraqi attendees, including Dr. Sami R. Al-Araji, Chairman of the National Investment Committee, government officials, and 400 business representatives, expressed great interest in cooperating with Korea.

“We have recently shifted our focus to reconstruction and non-oil businesses. We are looking forward to working with Korean companies that are competent in the housing, transportation infrastructure, and power sectors,” an Iraqi official said.

Business meetings focused on large-scale Iraqi construction projects followed the forum. In one meeting, Korea’s CU Skin signed a USD 15 million contract to export its skin clinic system for the next two years. Due to the deal, the very first skin clinics will open in Bagdad, Arbil, and Basrah, Iraq.

“The two nations can create a win-win situation by combining Iraq’s abundant natural resources with Korea’s economic development experience, technology, and human resources,” said Dr. Young Ho Oh, President of KOTRA.

The economic mission will soon move to Amman, Jordan for business meetings with major local buyers.

Source: Yonhap News (Apr. 1, 2013)

** This article was translated from the Korean.