[MENA Focus 2025년 3월호] 주한 이라크 대사 대리 기고문: 이라크: 경제 개선, 유망한 투자 기회, 성장하는 국제 파트너십

Over the past two years, Iraq has witnessed remarkable economic developments, reflecting the Iraqi government’s efforts to rebuild the economy and expand development sectors. While previous crises had burdened the country, Iraq’s economy today is emerging with a new outlook, benefiting from rising oil prices and reconstruction projects. This makes discussions about investment opportunities and trade partnerships, especially with countries like South Korea, more pressing than ever.

Economic Growth Restoring Hope

In recent years, Iraq’s oil revenues have significantly increased due to the improvement in global oil prices. This increase has helped the government implement vital projects across various sectors. Infrastructure is witnessing significant developments, with housing projects, the expansion of transportation networks, and the improvement of public facilities already underway.

The government has also adopted more balanced financial and monetary policies, most notably the re-evaluation of the local currency, a step that has strengthened investor confidence. Despite challenges, the inflation rate dropped to 4% by the end of 2023, while unemployment rates decreased due to new projects that have created job opportunities for young people.

Investment Opportunities Awaiting Investors

Iraq today represents a promising landscape for investment opportunities across various sectors. The oil and gas sector remains the most prominent, with plans to develop untapped oil fields and build modern refineries. Meanwhile, the construction and housing sector is open to international companies seeking to take advantage of the country’s urgent need for new residential complexes and modern cities.

The country’s vast agricultural potential cannot be overlooked, as Iraq’s fertile lands offer golden opportunities for investors interested in modern farming projects. Additionally, the tourism sector remains an untapped treasure, with major historical sites such as Babylon and Ur, which only require the right infrastructure to attract tourists from around the world.

South Korea: A Key Economic Partner

Among Iraq’s international partners, South Korea stands out as a major player in the economic landscape. Statistics indicate that the trade volume between the two countries has reached approximately $9 billion annually. Iraq’s oil exports to South Korea serve as the driving force behind this trade relationship, as Seoul relies on Iraqi oil to meet a significant portion of its energy needs.

On the other hand, South Korea enjoys a strong presence in the Iraqi market, with its products—especially automobiles and electronics—widely available. Brands such as Hyundai and Samsung are not only symbols of quality but have become an essential part of daily life in Iraq. Additionally, Korean companies contribute directly to Iraq’s infrastructure development, whether through the construction of power plants or public facilities.

Bright Prospects for 2025

With continued political stability and the implementation of development plans, experts predict that trade exchange between Iraq and South Korea will witness further growth. The year 2025 could bring new partnerships, particularly in the fields of technology and renewable energy. South Korea is expected to expand its investments in Iraq to include additional sectors, such as digital transformation, which is a key pillar of Iraq’s future economic vision.

Today, Iraq stands on the threshold of a new economic phase. The significant improvements in economic performance, along with the expansion of investment opportunities, send a clear message to the world: Iraq is open for investment and partnerships. With strategic alliances such as the one with South Korea, the future looks bright for an economy that is rediscovering itself, rising from the ashes of crises to become a new success story in the region.