(Source: Korea Times)
The Korea Times reports that a state-run think tank called on the government, along with local businesses, to gear up for reconstruction projects in Iraq, predicting the demand will rise in the near future.
In a report entitled “Prospects of the Iraqi Economy after the General Elections,” the Korea Institute for International Economic Policy (KIEP) said the total economic value of the ongoing and planned oil and gas exploitation projects in the Middle Eastern country reaches approximately $126 billion.
The think tank anticipates that once political stability comes to Iraq in the wake of the general elections, the demand for reconstruction in oil and gas fields will increase.
If the new Iraqi government is set firmly in place, the KIEP said the Middle Eastern country will invite foreign bidders to join the massive infrastructure project that is scheduled to be completed by 2025.
Currently, Korea is undertaking a $510-million project to construct plants, hospitals and gas turbines there.
In February, a Korean delegation consisting of officials from 25 entities in the public and private sectors visited Baghdad to discuss possible cooperation with Iraq in energy, infrastructure and the application of the Korean growth model.