FKI invited Iraqi Ambassador to Seoul Khalil Al-Mosawi, and Korean Ambassador to Iraq Hyun Myeong Kim to a forum on emerging markets at Lotte Hotel Seoul on May 27. The forum focused on seeking ways to help Korean builders preoccupy the Iraqi market.
Ambassador Kim called for a more assertive corporate role in his address, 'Ways and Instructions for Advancing into Iraqi Market,' stressing, "For Korean companies, it's the most opportune time to move into the Iraqi market which would definitely bring yet another Middle East boom. Beyond simply collecting information about Iraq, you now need to work to preoccupy the market."
It is imperative for Korean companies to come up with region-specific differentiated strategies, and in negotiating terms of payment, they need patience and make a long-term approach to the market, he added. Meanwhile, the Iraqi ambassador explained his country's bid to invite Korean enterprises to Iraq, and introduced in detail post-war rehabilitation projects involving construction, infrastructure and resources development.
The event was attended by companies who have already made their presence in Iraq, including Hyundai Engineering and Construction(E&C), STX Heavy Industries, LSIS, Hyundai Heavy Industries(HHI), Daewoo E&C, and SSangyong Engineering and Construction. Besides, more than 50 representatives from the companies who are considering advancing into the Middle East country also joined the forum, showing their great interest in expanding their presence in Iraq.