Kim's boss, Kim Chun-Ho, said his company Gana General Trading Co had no plans to leave the country.
"Everybody in our company feels terrible but we will overcome this situation because we love it here and we love our jobs," Kim told journalists on Thursday.
"We know it's dangerous and our situation is not so good but we believe the Iraqi situation will be better than today."
He said his company, which supplies food and equipment to the US military, wanted to stay until the occupied country had shaken off its current troubles.
One Korean businessman who arrived in Iraq in 1983 said he has never seen the country so unstable.
"This is the most difficult situation I've ever seen in Iraq," said Park Sang-Hwa, who runs a general trading firm in Baghdad. "I haven't left my house for the past 10 days."
Nevertheless, the 60 or so remaining Korean businessmen are casting aside South Korea's evacuation order for them to leave following Kim Sun-Il's execution on Tuesday.
"We believe our company's and Iraqis' situation is very difficult but I hope and I believe that this situation will be OK," Park added.