August 05, 2025.
Excellency the Korean Ambassador to Iraq, Mr. Lee Junil, Meets with the Chairman of Al Zaman Group/ Chairman of Iraq Korea Business Council (IKBC)
On Tuesday, August 5, 2025, His Excellency the Ambassador of the Republic of Korea in Baghdad Mr. Lee Junil received the Chairman of Al Zaman Group in an official meeting held at the Embassy, attended by a representative from the Iraqi Ministry of Trade–Department of Economic Relations, along with officials from the Korean diplomatic mission.
The meeting took place within the framework of the distinguished bilateral relations between the two countries and as part of a series of joint meetings and activities aimed at advancing economic cooperation between Iraq and the Republic of Korea.
The two sides discussed ways to enhance economic and trade cooperation between Iraq and Korea, with a focus on investment opportunities in various sectors. They also reviewed mechanisms to support Korean companies wishing to operate in Iraq and to expand partnerships with the Iraqi private sector.
Mr. Ahmed Shaban, Chairman of Al Zaman Group, presented an overview of the establishment of the Iraq Korea Business Council’s, explaining that it was established with the support of the Iraqi Federation of Chambers of Commerce in Baghdad and based on a ministerial order issued by the Ministry of Trade. He noted that specialized committees have been formed within the Council to categorize commercial activities, including health, industry, investment, finance and banking, telecommunications, and cybersecurity, among others. He also highlighted that the Council’s interests extend beyond trade to cover other areas such as culture, arts, and language, pointing out the strong Iraqi public interest in various Korean cultural events.
The Chairman also reviewed the Council’s commercial relations with Korean companies, noting that cooperation has been ongoing since 2010, particularly in shipbuilding, with more than 10 ships built in various Korean cities. He further highlighted partnerships with the Iraqi government, including the establishment of a boat manufacturing plant in Baghdad in cooperation with the Iraqi Military Industrialization Authority, as well as projects for the Ministry of Oil, the Basra Oil Company, the General Company for Ports of Iraq, and the Ministry of Transport.
He pointed to ongoing communication with Korean companies in the development of various sectors and announced that Al Zaman Group will participate in October in a specialized exhibition in Busan dedicated to shipbuilding and marine equipment. The exhibition will focus on the future of the maritime industry, green innovation, and digital transformation, and will be organized by several Korean governmental and industrial bodies, including the Ministry of Trade, Industry, and Energy of the Republic of Korea. Numerous meetings will be held with Korean companies to encourage them to participate and invest in the Iraqi market, with the Iraq–Korea Business Council acting as a primary supporter.
Preparations are also underway for memorandums of understanding to be signed with the Korean side during the October visit to Korea for companies interested in joining the Iraq–Korea Business Council. The Council will provide support to companies and sectors seeking to invest in the Iraqi market across various fields and levels of assistance.
Dr. Uday Mohammed, representative of the Ministry of Trade – Department of External Economic Relations, who will soon assume the position of Commercial Attaché at the Embassy of Iraq in Seoul, presented several proposals aimed at enhancing trade and cultural cooperation between Iraq and the Republic of Korea.
The Korean Ambassador reaffirmed his country’s commitment to strengthening relations with Iraq, praising the role of the Business Council in opening new channels of cooperation. In turn, the Chairman of Al Zaman Group expressed his appreciation for Korea’s supportive stance toward Iraq and his aspiration to elevate economic relations to higher levels.
From the Korean side, the meeting was attended by Mr. Kim Young Jae, Deputy Head of Mission, and Mr. Dong -Joon Cho, Commercial Attaché at the Embassy of the Republic of Korea.
