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Opportunities for Korean Companies to Invest in Iraq

Sami Al Araji, the head of postwar reconstruction program in Iraq visited to Korea in this January to encourage Korean companies to invest in Iraq. Iraq is planning to invest around 900 billion dollars for reconstruction projects in Iraq, including 45 billion dollars for the transportation department of Iraq.
He stated that Iraq has huge potentials and different industry prospects are there for the country, starting from oil and gas industry – the major industry, telecommunication, agriculture, communication, education, health sector, tourism and many more. Plenty of forth-coming projects are there to rebuild Iraq properly.
76.5 percent by last year has been increased for the Korean export and presently, 36 Korean companies are working in this country. For accomplishing a residential project, Hanwha Engineering & Construction which is a Korean Company, has started working.
Samsung Engineering has contracts worth 895 million U.S. dollars in oil fields and 805 million dollars in gas plants.
Hyundai Engineering has contracts worth 555 million dollars in gas turbine plants and STX construction has contracts worth 895 million dollars for diesel generators.
There total 31 constructional companies are working in Iraq, which are from USA. While 9 Korean companies are working in Iraq! Korean companies are mostly in the field of construction, Sami Al Araji put stress to broaden that by encouraging Korean companies to invest different other sectors of Iraq.
Though the US and Turkish companies have great market hold in Iraq, Korea has its own area of opportunity in this country.
Updated 22 Mar 2013 | Soruce: arirang | By S.Seal
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