“In 2024, Iraq will have 800 investment opportunities in all fields”

“In 2024, Iraq will have 800 investment opportunities in all fields”

By Publisher-Chairman Lee Kyung-sik with VCs Choe Nam-suk, Joy Cho

The following are details of an interview with Charge d’Affaires Dr. Mohammed Mustafa Juma Almuntafeky of the Republic of Iraq in Seoul conducted by The Korea Post media, publisher of 3 English and 2 Korean-language publications since 1995.—Ed.

Question: What are the areas in your country where your country might want Korean companies to invest and what are the areas in Korea where the businessmen of your country may wish to invest?

Answer: There is a wide investment map in Iraq, as in 2024 we will have 800 investment opportunities in all important fields. The areas in which Iraqi companies may wish to investare cars, spare parts for cars, mobile phones, electrical appliances, petrochemical materials, textiles, steel materials, iron, medical and cosmetic materials.

Q: Please introduce the latest news about Your Excellency's esteemed country in the economic, political, cultural and other areas interesting to Korea and the two countries.

A: In the political field, the third session of political consultations was held, and an exemption for holders of diplomatic passports from entry visas between the two countries was signed.

In the economic field, the Bismayah project will be resumed by the Hanwha Company to build one hundred thousand housing units. In addition to that, the Korean Daewoo Company took over the construction of Al-Faw Port, which will be one of the largest ports in the Middle East. And other companies have also launched projects in the field of energy and oil.

In the cultural field, the mission, represented by the head of the mission, held several meetings with many Korean officials in the government and all companies working in Iraq, as well as with the heads of cultural institutions in the Republic of Korea.Recently, the exhibition of the novel ‘One Thousand and One Nights’ was opened in Gwangju, which was held by the Asian Cultural Center.

Q: Congratulations on the fast-developing relations, cooperation and friendship between our two most friendly countries! Please introduce yourself to our readers to the fullest possible extent, in hobbies.

A: I have been serving as a Head of Mission/ the interim Chargé d'affaires of the Republic of Iraq to the Republic of South Korea for approximately 7 months.Before that, Ihad worked as head of the Political Planning Department in the Iraqi Ministry of Foreign Affairs. We are working hard to enhance relations between Iraq and Korea to advanced levels in cooperation with friends in the Korean government, including the Ministry of Foreign Affairs and other government agencies.Despite the nature of the tasks and the constant business, I had a wonderful opportunity to get to know this beautiful country and explore many beautiful and charming places, as well as to try Korean food. Tourism and travel are among my most important personal hobbies, so I try to enjoy everything beautiful in this wonderful and friendly country.

Q: What is the present volume of bilateral trade of your country, and its outlook in the next 12 months?

A: The current trade volume can be assessed by examining the trade exchange over the past two years, where the trade balance leans in favor of Iraq. This is primarily attributed to the substantial volume of Iraqi oil exports to Korea, surpassing the value of imports. Below, we provide a table illustrating Iraq's trade exchange volume with Korea for the years 2022-2023.

Year

Korea exports to Iraq

Iraq exports to Korea

The volume of trade exchange

The volume of trade deficit

2022

1,150,883,000 billion dollars

9,483,975,000 billion dollars

10,634,858,000 billion dollars

- 8,333,092,000 billion dollars

2023

700,214,000 billion dollars

4,209,527,000 billion dollars

4,909,741,000 billion dollars

- 3,509,314,000 billion dollars

Q:What are your competitive products and/or services attractive to Korea? Who are the companies of your country exporting your products services to Korea?

A: As for competitive products and services that appeal to Korea, various items can be considered, such as agricultural materials, foodstuffs, petrochemicals, oil, and its derivatives.

I am currently reminding SOMO Company (State Oil Marketing Organization). I can answer that the products and services exported from the Republic of Iraq to the Republic of Korea are petroleum products. The exporting party responsible for this is the Ministry of Oil.

Q:What are the Korean products and services that your country might wish to important?

A: At present, Iraq aims to meet the domestic market's needs for automotive materials, car spare parts, mobile phones, electrical appliances, petrochemicals, textiles, steel, iron, and medical devices.

Q: Who are the Korean companies actively engaged in bilateral economic cooperation between the two countries? Please introduce them in detail in the order of size and scale of business activities.

A: Several Korean companies, including Hyundai, KAI, Hanwha, Daewoo, Samsung, and SKT, are playing a crucial role in reconstruction projects in Iraq.

These companies are actively involved in executing infrastructure and construction projects, as well as engaging in initiatives within the energy and communications sectors.

Q: Korean people, especially the up-and-coming Korean businessmen need rest and recuperation. What are your tourist attractions?

A: Iraq is full of tourist destinations, ranging from archaeological, historical, and religious attractions, as it is one of the world’s earliest civilizations. The weather also adds to its appeal for tourism. During winter, exploring the Mesopotamian marshes in southern Iraq is highly recommended, while in the summer, heading to Iraqi Kurdistan in the north offers unique experiences. I will provide a brief overview of some of these destinations because it’s challenging to limit them as they are spread throughout the country.

Archaeological tourist attractions in Iraq include: Iraqi National Museum,Al-Baghdadi Museum, Mustansiriya School, Abbasid Palace, Al-Qishla clock, The Oud House, Murjan Mosque, Gates of Baghdad, Akerrkov, Al-Mada'in, Al Rasheed Street, Mutanabbi Street, international railway station, Abu Nawas street, Ancient Babylon, Ishtar Gate,Lion of Babylon, Citadel of Erbil, Shaqlawa city, Mount Korek, Bekhal Waterfalls, Geli Ali Bag Waterfall, The Qaisariya Market.

Q: What are the most important festive days in your country? Please elaborate.

A: There are several holidays celebrated in Iraq, but their dates differ based on the Gregorian and Hijri calendars. Holidays based on the Gregorian calendar have fixed dates annually, whereas those based on the Hijri calendar change annually as per the lunar calendar. The holidays that change annually according to the Hijri calendar are Eid al-Fitr, Eid al-Adha, the Hijri New Year, and the Prophet's Mohammed birthday.

Number

Name of Holidays

National Iraqi day

Iraqi Armyday

Nowruz

Workers' Day

Eid al-Fitr

National Foundation Day

Eid al-Adha

Islamic New Year

Prophet's Mohammed birthday

Q: Do you have Honorary Consul(s) in Korea? If yes, how are they contributing to the promotion of cooperation and friendship between the two countries?

A: No, the Republic of Iraq does not have any honorary consul in the Republic of Korea.

Q: Who among the Koreans are considered to be most prominently contributing to the promotion of relations, cooperation and friendship between the two countries? We would like to introduce them adequately so that others could follow their suit.

A: Several influential figures play a crucial role in enhancing relations between the two countries. It is challenging to single out one name over another, as all officials and businessmen in Korea have made significant contributions to the bilateral relationship. I would also like to highlight the role of the Iraqi-Korean Parliamentary Friendship Committee, under the leadership of its Chairman on the Korean side, Mr. Han Byung-do.

12. Please add whatever other details that Your Excellency might consider to be important. Very Respectfully Yours.

Today, the tourism sector stands as one of the most vital pillars supporting the national economy, contributing to comprehensive and sustainable development.

Tourism is not only a human activity but also an advanced global civilizational industry. It serves as a bridge for dialogue, tolerance, and peace, fostering communication and understanding among people from diverse cultures.

Iraq is one of the most prominent regions in the world, whose land is full of the most important cultural, archaeological, tourist, and cultural monuments and other elements of tourist attraction.

Endowed by God with a unique diversity that distinguishes it from many countries in the world, Iraq is situated between its immortal rivers, the Tigris and Euphrates. This land witnessed the emergence of Mesopotamia, the cradle of the first human civilizations 7,000 years ago, including the Sumerian, Akkadian, Assyrian, and Babylonian civilizations and Islamic civilizations.

This country, enriched with human civilizations, has earned the qualification to include numerous historical sites on the World Heritage List.

Among them are the Kingdom of Hatra (1985), the Ashur Citadel (2003), the Erbil Citadel (2014), the environmentally and culturally diverse marshes of southern Iraq, along with the ancient archaeological cities near them - Ur, Eridu, and Uruk (2016), and the archaeological city of Babylon (2019).

Iraq continues to list many of its cultural sites to the list.