During the meeting, Mr. Ali Nawab presented an overview of the Council’s new headquarters and the services it offers to businesses and organizations seeking to expand their operations between Iraq and Korea. He emphasized that the Council primarily focuses on supporting small and medium-sized enterprises (SMEs) and startups, providing a specialized platform for fostering business partnerships and investment opportunities, thereby complementing the efforts of other institutions that primarily serve large corporations and major investment projects.

Mr. Dong -Joon Cho conveyed the guidance of the Ambassador of the Republic of Korea to Iraq regarding the importance of expanding the Council’s membership base by attracting more companies and institutions. He noted that a broader membership would strengthen the Council’s institutional presence and enhance its reputation and influence within the business communities of both countries. He also reaffirmed the Embassy’s keen interest in monitoring and supporting the Council’s growing role in promoting bilateral economic relations.

The two sides further discussed mechanisms for verifying corporate and business information in both Iraq and the Republic of Korea. The Iraq-Korea Business Council, operating under the supervision of the Iraqi Ministry of Trade, highlighted its ability to facilitate background verification and due diligence processes through its extensive network and institutional partnerships. The Council also expressed its readiness to share verified business intelligence with relevant Korean government agencies and organizations, contributing to greater transparency, trust, and security for companies seeking to enter either market.

The meeting also addressed challenges arising from information asymmetry between the two countries, particularly in light of Iraq’s developing digital business infrastructure. Participants underscored the importance of exchanging reliable commercial information and strengthening institutional cooperation mechanisms to overcome these challenges and facilitate trade and investment activities.

Both sides praised the strong and steadily growing relationship between Iraq and the Republic of Korea, emphasizing the vital role played by the private sector and business councils in fostering direct engagement between companies and economic institutions in both countries. They also stressed the importance of increasing joint meetings, business delegations, and specialized economic events to identify new investment opportunities and support collaborative projects across various sectors.

The Iraq-Korea Business Council reaffirmed its commitment to serving as an effective platform connecting the Iraqi and Korean business communities by providing reliable economic and commercial information, facilitating communication between investors and enterprises, and supporting initiatives aimed at strengthening bilateral trade and investment cooperation.