[Editorial] Korea’s Pledge for Cooperation with Iraq Should Lead to Productive Results

The highest-level leaders of Korea and Iraq have met for the first time since 1989 when the two nations first established diplomatic ties. President Roh Moo-hyun and Iraqi Prime Minister Nouri al-Maliki, who is currently paying an official visit to Korea, held a summit talk at Cheong Wa Dae yesterday and agreed to promote cooperation on the reconstruction efforts in Iraq. Prime Minister al-Maliki called for Korean enterprises to participate in the development of oil fields as well as the rebuilding project of its power plants.

Korea has been fully supporting Iraq’s efforts to restore the nation and bring democracy by dispatching the third largest force in the coalition in Iraq, following the U.S. and Great Britain. On the groundwork of this, the Korean government and its citizens have to exert their efforts in enhancing its reciprocal and visible relations between the two nations so that these efforts can ultimately come to fruition.

The Iraqi Prime Minister said, “Korea is a great model which shares similar experiences with Iraq.” It is understandable why Iraq shows such interest to the “the miracle on the Han River,” which accomplished democracy and modernization at the same time after the Korean War. Despite being more than 7,000km away from Korea, Iraq bears a resemblance to Korea in many ways. Both nations share a history with time immemorial, both experienced invasions from outside and extreme civil wars after gaining independence.

With a new term “CHIME,” an acronym swiftly becoming a buzzword for China, India and Middle East for describing the Middle East as the next region holding large growth potential following China and India, the Middle East is emerging as a new economy in the world thanks to oil money. As annual trade flows between the Gulf Cooperation Council (GCC) and the Asian region is expected to surge to $300 billion by 2020, some even predict the possible revival of the Silk Road, which has been disconnected since the 13th century.

If Iraq, with the world’s third-largest oil reserves at 115 billion barrels behind Saudi Arabia and Iran, accomplishes stability and democracy, it might lead to a second boom in the Middle East for the overseas construction industry. Since about 2,300 Korean soldiers have built friendships and trust in Kurd, the present situation will give Korea the edge among all other nations. This is an asset that even the U.S. does not possess.

However, while Korea was falling back among the projects in Iraq due to Kim Seon-il’s death in 2004, not only the global oil majors but also several countries, including Netherlands, Turkey and Canada, have been consolidating their dominance in the oil developments in Iraq. Korea should establish a proper relationship with Iraq, taking various factors into account such as efforts to contribute to the world peace proportionate to the nation’s power as well as energy issues, investment opportunities in the future Middle East market, and also the effectiveness of keeping Korean forces in Iraq.