June 03, 2026
Korean Embassy Delegation at FICC - Baghdad
Federation of Iraqi Chambers of Commerce Receives Korean Ambassador in Baghdad to Discuss Enhancing Economic and Investment Cooperation
The Iraqi Federation of Chambers of Commerce (IFCC) hosted an economic meeting in Baghdad on Wednesday, June 3, 2026, bringing together representatives of Iraq’s economic sector and a diplomatic delegation from the Embassy of the Republic of Korea to discuss prospects for trade and investment cooperation between the two countries and explore ways to strengthen their economic partnership in line with Iraq’s development priorities.
The Iraqi side was represented by Mr. Amer Al-Fahdawi, President of the Iraqi Federation of Chambers of Commerce, and Mr. Ahmed Shaban, Chairman of the Iraqi–Korean Business Council, while the Korean delegation was headed by H.E. Mr. Lee Junil, Ambassador of the Republic of Korea to Iraq.
The meeting featured in-depth discussions on the current state of Iraqi–Korean economic relations and the challenges facing the private sector in both countries. Participants also reviewed investment opportunities available in the Iraqi market and explored mechanisms to expand the participation of Korean companies in development, reconstruction, industrial, and technology-transfer projects.
Participants emphasized the importance of strengthening institutional communication channels between Iraqi and Korean economic organizations and following up on the procedures required to finalize the signing of a Memorandum of Understanding (MoU) between the Iraqi Federation of Chambers of Commerce and the Korea Chamber of Commerce and Industry (KCCI). Such cooperation is expected to facilitate joint initiatives and further enhance bilateral economic relations.
Technology Transfer and Industrial Localization
The meeting addressed opportunities for transferring Korean technology and industrial expertise to Iraq. Discussions focused on cooperation models involving the transfer of production lines and advanced industrial technologies, supporting Iraq’s industrial modernization plans and enhancing local production capabilities.
Participants stressed that Iraq offers promising opportunities in manufacturing and joint production ventures, highlighting the importance of creating a stable and attractive investment environment capable of encouraging international companies to undertake long-term projects in the country.
The meeting also explored financing mechanisms and sovereign guarantees that could facilitate the implementation of industrial projects and strengthen the confidence of Korean companies interested in investing in Iraq.
Challenges Facing Korean Companies
The participants held extensive discussions on the challenges encountered by Korean companies currently operating in Iraq or seeking to enter the Iraqi market. Several issues were reviewed, including customs procedures, clearance mechanisms, and the broader legislative and regulatory environment.
The Korean side emphasized the importance of maintaining clear and predictable systems regarding customs tariffs and financial transfers, enabling companies to plan their investments and commercial activities more effectively.
The meeting also highlighted the need to enhance transparency in the exchange of economic and commercial information and to provide investors with accurate and reliable data, thereby strengthening confidence between Korean companies and Iraqi institutions.
Standardization and Quality Control
Both sides discussed standardization and quality control as key pillars for strengthening bilateral trade. They underscored the importance of developing inspection and quality-control systems in accordance with international standards, ensuring consumer protection while facilitating the entry of products that comply with global specifications into the Iraqi market.
Participants further stressed the importance of coordination between government institutions and the private sector to address procedural challenges that may affect the smooth movement of goods and trade flows between the two countries.
Integrated Platform for Korean and Iraqi Products
Among the key topics discussed was a proposal to establish a specialized economic and commercial platform for Korean and Iraqi products in Iraq. The platform would provide integrated logistics services, including transportation, shipping, insurance, and trade operations management.
In this context, Mr. Ahmed Shaban, Chairman of the Iraqi–Korean Business Council, explained that the project aims to facilitate market access for products, provide a unified information database for companies and importers, and help address challenges related to financial transfers, supply chains, and logistics services.
He noted that the initiative could represent an important step toward increasing trade volume between Iraq and the Republic of Korea and strengthening the presence of Korean companies in the Iraqi market.
Strengthening Governmental and Institutional Coordination
The meeting also addressed the importance of enhancing coordination with relevant governmental institutions in both countries to ensure adequate support for joint economic initiatives and to overcome administrative and regulatory obstacles that may affect investors.
Both sides stressed the need to maintain dialogue between the public and private sectors and to intensify bilateral meetings in the coming period in order to transform proposed ideas and initiatives into practical and implementable projects.
Reaffirming a Strategic Partnership
At the conclusion of the meeting, both sides affirmed that Iraqi–Korean relations possess significant potential for growth and expansion across various economic, industrial, and technological sectors. They expressed their aspiration to build deeper and more sustainable partnerships in the years ahead.
The participants also reaffirmed the importance of continuing joint efforts to address existing challenges and improve the business and investment environment, thereby advancing the shared interests of both friendly nations, supporting sustainable economic development, and strengthening strategic cooperation in a manner that serves the aspirations of the Iraqi and Korean peoples for a more prosperous and progressive future.