September 29, 2025.
Iraq-Korea Business Council Holds Its Second Session to Strengthen Economic and Trade Cooperation with South Korea
The Iraq-Korea Business Council held its second session on September 29, 2025, at the Council’s headquarters in Baghdad, chaired by Mr. Ahmed Shaban, Council President, with the attendance of Council member, Commercial Attaché at the Iraqi Embassy in Seoul, representatives of the Council’s office in Korea, Advisor to the Federation of Iraqi Chambers of Commerce.
The session focused on reviewing the outcomes of the first meeting, discussing the meeting between the Council President and the Korean Ambassador in Baghdad on August 5, 2025, and revising the composition of the Council’s committees and defining their tasks to facilitate the work of members between the two countries, along with appointing committee representatives and secretaries.
The Council also discussed the challenges facing companies and traders in Iraq and Korea, including customs and logistical procedures, licensing, and investment difficulties, emphasizing the importance of establishing a unified informational platform linking trade between the two countries, similar to the “Teradix” platform, to facilitate import and export operations.
During the session, the Council also opened its membership to prominent figures in the financial and banking, healthcare, and youth and sports sectors to enhance private sector participation in strengthening economic cooperation between Iraq and South Korea.
The Council agreed to be provided with a list of economic and trade exhibitions and conferences held in Korea in 2026 and to facilitate Iraqi companies’ participation in these events. In addition, coordination with the Korean Embassy in Baghdad and representatives of KOICA and KOTRA was discussed for signing memoranda of understanding and joint cooperation agreements, as well as collaboration with the Iraqi Federation of Industries to identify industrial products suitable for display at Korean exhibitions.
The Council emphasized during the session the importance of ongoing communication and coordination among Council members, the Council’s office in Korea, and the Commercial Attaché to facilitate information exchange and enhance opportunities for trade and economic cooperation between the two countries.
The Council highlighted the strategic importance of South Korea as one of Iraq’s key economic partners in Asia, noting Korea’s advanced capabilities in technology, shipbuilding, infrastructure, and energy. Members stressed that by leveraging Korean expertise, Iraq can accelerate the modernization of its industries and attract much-needed investments to support national development goals.
A special focus was given to the energy and construction sectors, where Korean companies have historically played a leading role in Iraq. The Council proposed new initiatives to expand collaboration in renewable energy, smart city projects, and industrial zone development, in line with Iraq’s economic diversification strategy.
Furthermore, participants underscored the value of cultural and educational exchange programs as a complementary pathway to strengthening bilateral relations. Proposals included academic scholarships, vocational training initiatives, and joint research projects to foster stronger people-to-people ties and build a skilled workforce capable of supporting bilateral trade and industrial partnerships.
Looking ahead, the Council expressed its commitment to translating discussions into actionable results by establishing follow-up mechanisms, task-specific working groups, and timelines for implementation. This approach is expected to ensure that the Council not only addresses immediate trade issues but also builds a long-term framework for sustainable economic cooperation between Iraq and South Korea.
