The demand for Korean-made used cars, mobile phones, and appliances is rising in the Middle Eastern country. Recently, Korean manufacturers have focused on exports as domestic sales remain weak, and the Iraqi market has been cautiously viewed as offering tremendous potential.
This year, Korean exports to Iraq are expected to grow more than 20 percent, according to government estimates. In 2003, exports to Iraq increased to U.S. $428 million compared to $86 million in 2002, according Korea's Foreign Affairs and Trade Ministry.
As of 2004, Korean exports to Iraq have reached $523 million, a 22-percent increase from the same period in 2003. According to the Ministry, the best-selling Korean products in Iraq are new and used cars, home appliances, and mobile phones.
The Ministry believes that as the supply of electrical power improves in Iraq, exports of Korean-made home appliances are expected to rise 30 percent in 2004.
Prior to the recent war, weak demand had kept Korean companies from exporting some of the products while others were banned from importing by the Iraqi government. (Chosun Ilbo)
to Daily News