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Korean Ambassador: The volume of exchange with Iraq is $9 billion
Iraq 03/12/2024
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The Ambassador of the Republic of South Korea to Iraq presented the outcome of the political and economic relationship between the two countries, and while he pointed out that Seoul has provided development grants to Baghdad since 1991, with a total of 600 million dollars, he stressed that the trade exchange between the two countries exceeds 9 billion dollars.
Korea's ambassador to Baghdad, Song Soo Joi, said in an interview with "Al-Sabah" that his country "has provided annual humanitarian aid since 2003, through United Nations agencies to cover various sectors in health, education, and others. The Korea International Development Agency (KOICA) also participated in providing Development grants since 1991, with a total of about $600 million, including the critical care center in the Medical City in Baghdad at a cost of $39.5 million, and the pediatric heart disease hospital in Dhi Qar at a cost of $25 million.
Joey emphasized the experience of Korean companies in irrigation systems projects, water desalination, agricultural research and technology, and water management, and they can help by sharing their experience and knowledge and achieving cooperation between the two countries, while solving the problem of climate change and desertification in Iraq by applying modern methods and technologies to preserve the environment. The Korean ambassador added that "Iraq possesses the fourth largest reserve of crude oil in the world, and is today interested in developing the infrastructure to improve the oil and gas industry and filtering and refining capabilities, including fully operating the Karbala refinery, to dispense with 90% of the volume of imported derivatives," explaining that "Korea The fifth largest oil refining capacity in the world with three of the five largest refining companies, namely Hyundai, GS, and SK, which participated in establishing the Karbala refinery and demonstrated its efficiency and worth. The Iraqi government has maintained this partnership because of its confidence in its ability in Korea.
The Korean ambassador touched on the participation of Korean companies in strategic Iraqi projects, including the large Al-Faw port, pointing out that “Iraq is considered an important market for Korean exports, most notably cars and electronics, which amounted to one billion and 196 million dollars, as consumers prefer Korean products for their high quality and moderate prices. As for the size of Imports from Iraq amounted to 7 billion and 900 million dollars and include crude oil and its products, and while the volume of exchange may vary over time, there has been and still is a presence of Korea in the Iraqi economic scene over the years due to the friendly relations and mutual understanding between the two countries.
The Korean ambassador believes that “it is possible to combine the advantages of both countries together to achieve projects of great value and benefits for Iraq, and Korea is always looking forward to contributing to development projects and expanding its partnership with friendly Iraq,” expressing his country’s readiness “to participate in building roads and bridges, as happened in The eighties of the last century and apply its efficiency if requested in a project of mutual benefit, as the Korean company Marine Service STX entered into a contract with the Iraqi Ministry of Electricity to build and rehabilitate power generation plants, while the Korean International Development Agency (KOICA) is working on a grant to the Iraqi side for a support and rehabilitation project. Damaged generators for distribution, and we hope that these projects will contribute to developing and improving the reality of electrical energy in Iraq.”
The Korean ambassador considered his country's efforts in Iraq "part of the reconstruction and development plans, with a sincere desire in Seoul to apply its experience and help Iraq after it suffered from conflicts and instability, which affected the country's infrastructure." Regarding the sports, cultural and scientific aspects between the two countries, the South Korean ambassador to Iraq stressed the importance of cultural exchange with Iraq for Korea, “because culture plays a role in the bond between peoples and enhances friendship between them. For example, Taekwondo, which is a martial art, is considered a traditional sport.” “Korean, our embassy holds the Ambassador’s Cup Taekwondo Championship every year in cooperation with the Iraqi Taekwondo Federation to encourage the prosperity of this sport in Iraq, and many athletes and professional competitors of all ages participate in it.” The ambassador continued, "We have noticed that many young Iraqis always express their admiration for Korean culture because they learned about it through drama and K-Pop music. This is why our embassy holds an annual cultural festival, which also includes Korean food. The number of attendees at one of the festivals exceeded a thousand people, which surprised and pleased me." Because this means that Korea has a special place among the Iraqi people. In addition, the Korean government offers fully paid scholarships in Korea every year for graduate studies, and this is a wonderful opportunity to study in Korea, explore it, and learn about its culture.”
Edited by: Ali Abdel Khaleq
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