Korea-Iraq Joint Cmte Resumes, Targets Big Projects

By John Lee.

The Korean Ministry of Land, Infrastructure and Transport will hold the 9th meeting of the Korea-Iraq Joint Committee in Seoul on June 21 (Wednesday).

The Joint Committee is a joint participation of relevant ministries and agencies from Korea and Iraq, with the Korean delegation consisting of 14 ministries and 5 organizations, and Minister Won Hee-ryong of the Ministry of Land, Infrastructure and Transport attending as the head of the delegation.

The Korea-Iraq Joint Committee was discontinued after 2017 due to the unstable situation in Iraq, but Minister Won Hee-ryong proposed the resumption of the cooperation platform between the two countries, leading to its resumption after 6 years.

Through this Joint Committee meeting, the suspended high-level cooperation channel will be reactivated, and agreements are expected to be pursued in various fields such as transportation, aviation, and diplomacy.

Furthermore, discussions are expected regarding the participation of Korean companies in large-scale projects such as Iraq reconstruction and Bismaya New City project, which could provide positive opportunities for overseas project orders for Korean companies.

Main Discussion Points:

• Infrastructure: Signing of transportation and infrastructure memorandum of understanding, cooperation on the Al-Faw project in Iraq, resumption of discussions on the Bismaya New City project, signing of a Baghdad-Seoul policy cooperation memorandum of understanding, and revision of the air transport services agreement, among other initiatives.
• Trade, Investment, Finance: Signing of investment protection agreement, agreement on prevention of double taxation, customs cooperation agreement, and other agreements.
• Industry, Energy, Resources: Enhanced cooperation in the energy and petrochemical industries, expansion of investments in the oil and gas sector.
• Diplomacy, Culture, Education, etc.: Signing of memoranda of understanding in various fields such as diplomacy, legal affairs, education, and cultural arts.

Minister Won Hee-ryong of the Ministry of Land, Infrastructure and Transport stated:

"With the resumption of the Korea-Iraq Joint Committee, which has laid the foundation for the friendly relations between the two countries since the establishment of diplomatic ties in 1989, we expect the opening of the overseas project orders market for large-scale projects such as transportation and infrastructure construction in Iraq."

(Source: Korean Ministry of Land, Infrastructure and Transport)

(Picture: Bismaya New City)