South Korea Regains Its Investment Role in Iraq

06 March 2010 (Iraq Directory)

Visions of the world head towards Iraq for investment opportunities after improvement in legally and security, and able to attract different foreign companies… The presence of the Minister of the Korean economy was accompanied by a large number of investors of the biggest Korean companies.

During the Korean delegation’s visit, they discussed investment opportunities in the areas of industrial energy and military infrastructure as well as in the field of knowledge… show the best evidence of this trend.

Nuri al-Maliki, the prime minister said while attending the opening of the Iraqi Korean Forum that this Korean presence in Baghdad and this scale reflects a genuine desire and willingness to work, which is a message to the world that Iraq is in the initial phase of construction and reconstruction were deprived of for decades. He pointed out that the improvements in security and legislation, as well as the legal guarantees and protection of foreign companies from political instability in Iraq. The Koreans also during their visit encouraged all investors in the world and in the forefront of Korea.

He said that much investment obstruction which Iraq had passed through them during the last period and work to create an attractive investment environment… He pointed out that the investment that is built according to the mechanisms of cooperation with international companies with advanced experience of up to the stage of people, being required to Iraqi ministries to offer all of its projects to international companies and Korean companies.

Particularly that Iraq needs large-scale projects in the field of electric power and industrial sectors. As well as in the housing sector should also be cooperation in the areas of training and exchange of experiences that help usually in construction…

Konkan Korean economic minister: said we carried with us a great desire in the activation of economic cooperation and research between the two sides of Iraq and Korea. He pointed out that Korean firms implemented various projects in Iraq during the seventies of the last century and lasted until 1989 and contributed Korean companies on a limited scale in 2003 implementation of some projects. He pointed out that Korea has sophisticated companies and industries in the areas of significant industrial, petrochemical, cars and roads as well as communications and electric power generation and water desalination. Konkan stressed Korean company’s desire of the union with Iraqi companies to activate cooperation in the implementation of projects.

But for this we need the cooperation of the Iraqi side with Korean investors to know the most important projects to be implemented through the mechanism of cooperation between the two countries as we work to transform forward in trade relations and transfer to a better state than they are now.

Sami Al Araji, Chairman of the National Investment said that the success of the investment process reflects a positive reality on the lives of Iraqi society. He pointed to the existence of more than 750 investment projects on display up costing more than $ 600 billion. Iraq is seeking to attract foreign investors and analysts to implement during the coming period. Al Araji continued by saying: Today we have the bids for construction of more than one and a half million units implemented during the next three years. Either in the field of electric power provided by foreign investors to build power plants with a capacity of up to 24 thousand MW, on the other hand preparations are underway to start implementing these projects. In addition to large housing projects in Al Rashed camp and the housing project west of Baghdad, as well as in Karbala and awaiting the implementation of the early stages of these projects, pointing out that Korean companies are determined to enter into this field. He added, saying the Korean side presented the Iraqi Oil Ministry a lot of consulting projects for modernizing Al Dora refinery, as the new company Hyundai for Heavy Industries to negotiate with the electricity for the processing of packets of energy supply.

On the other hand the company STX for Heavy Industries signed a Memorandum of Understanding with the Ministry of Industry and Minerals in the field of oil and petrochemical projects as well as Korean companies initiatives put forward a number of projects such as rehabilitation of power stations in Basrah and the use of gas associated with oil in the south and water desalination plants in Basrah.

Raid Fahmi Minister of science and technology, said: The Iraqi Korean Cooperation Forum is an important step at the level of development of cooperation with an important country in terms of economic and technological development. Because it is one of the most sophisticated global 10 countries in all sectors on the level of implementation of infrastructure projects. Especially that the conference dedicated to cooperation in the fields of electricity, oil and housing as well as the potential Korean extends for more than that in the fields of technology, industries and other Fahmi believes that there is a need to enter the Korean expertise to contribute to the development program in Iraq under the large Korean desire to work in Iraq in all sectors of the economy, beneficiaries of the investment law and its amendments, which came in line with the desire of companies that have the capacity and advanced implementation authority as the desire of both Iraq and Korea on the exchange of knowledge helps to raise the efficiency of workers in various fields. On the sidelines of the forum, it was signed by Iraq who was represented by Minister of Industry Fawzi Hariri, along with the Korean side represented by the Minister of Economy Konkan, memorandum of cooperation for the development of the petrochemical industry in Iraq. Hariri stressed that the industry is important and many countries are investing large sums to develop the industry and help develop many aspects of the Iraqi economy. He pointed out that such a project will cost more than two billion dollars.

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