Minister of Trade, Industry and Energy Joo Hyunghwan (left) and Qatari Prime Minister Sheikh Abdullah Al-Thani discuss furthering the Korea-Qatar economic partnership, in Doha on April 2.
By Lee Hana
Photos = Ministry of Trade, Industry and Energy
Korea and Qatar have agreed to further expand their economic partnership.
On April 2, Minister of Trade, Industry and Energy Joo Hyunghwan held a meeting with Qatari Prime Minister Sheikh Abdullah Al-Thani, Minister of Economy and Trade Ahmed Al Thani and Minister of Energy and Industry Mohammed Bin Saleh Al Sada in Doha to discuss ways to diversify their strategic trade partnership.
“The signing of a free trade agreement (FTA) between Korea and the Gulf Cooperation Council (GCC) will help to turn over a new leaf for trade and investment levels,” said Minister Joo. He suggested that the countries begin negotiations in the near future.
Prime Minister Sheikh Abdullah Al-Thani agreed that the partners should speed up the process of negotiation, saying that Qatar would bring together the other GCC member states — Saudi Arabia, UAE, Kuwait, Oman and Bahrain — to bring discussions to the table.
Minister of Trade, Industry and Energy Joo Hyunghwan (left) and Qatari Minister of Economy and Trade Ahmed Al Thani discuss the signing of a free trade agreement (FTA) between Korea and the Gulf Cooperation Council (GCC), in Doha on April 2.
Based on the Qatar National Vision 2030 national development plan, the two countries will expand cooperation on manufacturing, renewable energy, IT, healthcare and smart farming.
This year, Korea will hold an advisory council meeting for representatives from Qatar to share information about manufacturing, the incubation of small and medium-sized businesses, and policy management. Annual ministerial meetings, as well as a task force that includes private and joint corporation on trade and investment, will be launched in the upcoming year.
Moreover, Qatar invited Korea to participate in several large-scale construction projects worth some USD 3.3 billion, including the development of the Zekreet gasoline pipeline and a freshwater generation plant.
“Back in 1978, Hyundai Engineering & Construction helped to build the Sheraton Hotel in Doha. Since then, Korean businesses have been actively involved in a number of Qatari construction projects. We welcome Korea to place a bid for two of our newest projects,” said Minister of Energy and Industry Mohammed Bin Saleh Al Sada.
hl2423@korea.kr
