President of the Republic of Korea, H E Yoon Suk Yeol and Minister of Commerce and Industry, H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, at the Qatar-Korea Business Forum, yesterday.
Doha, Qatar: The Qatar-Korea Business Forum showcased investment opportunities available in both countries and discussed ways to enhance bilateral economic cooperation. The forum was inaugurated by President of the Republic of Korea, H E Yoon Suk Yeol and Minister of Commerce and Industry, H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, yesterday.
The forum was co-organised by the Qatar Chamber and the Korea Chamber of Commerce and Industry. The opening was also attended by Minister of Trade, Industry and Energy of the Republic of Korea, H E Bang Moon-Kyu, the heads of the Chambers of Commerce, and the associations of businessmen, investors, and representatives of Qatari and Korean companies working in various fields.
Delivering the opening remarks, Minister of Commerce and Industry affirmed that Qatar and Korea enjoy a close relationship that was made stronger by the numerous official visits and the shared vision of the two countries to diversify and broaden their strategic partnership, to build a sustainable and prosperous future for the two peoples. He mentioned that this relationship was further enhanced by the signing of several bilateral agreements and MoUs, covering various sectors.
The Qatar-Korea Business Forum represents an important opportunity to build on the positive results achieved in the previous edition, held in Seoul last June, on the sidelines of the 6th Session of the Qatari-Korean Joint Higher Strategic Committee, whose outcomes contributed to enhancing bilateral cooperation between the two nations, the Minister added.
The Minister noted that the trade volume between Qatar and Korea reflects the strength of the economic ties and its prospects and that the Republic of Korea is Qatar’s third largest trading partner.
He stressed the fact that Qatar succeeded during the recent years in diversifying its economy, by supporting its non-carbon sectors and encouraging investment in the industrial sector, due to its vital role in the economic transformation of the country.
The Minister further added that FIFA World Cup Qatar 2022 has cemented the nation’s position as a leading commercial and investment center in the region, calling on Korean businessmen to benefit from the favorable economic and investment environment provided by Qatar to foreign investments.
On his part, President of the Republic of Korea, H E Yoon Suk Yeol said that Qatar has succeeded to achieve great strides in terms of economic growth under the wise leadership of Amir H H Sheikh Tamim bin Hamad Al Thani, in line with Qatar National Vision 2030.
The Korean President also said that Korea and Qatar are linked with close and developed cooperation relations since they established their diplomatic
The Korean President also noted that Qatar has significantly contributed to the provision of oil and gas to Korea, while Korea contributed to the implementation of many major projects in Qatar such as infrastructure, rail, roads and others.
He assured the importance of expanding fields of cooperation between Qatari and Korean companies in various fields including technology and AI. The business forum touched on means to enhancing commercial and investment cooperation between Qatar and Korea, the role of private sector in activating these relations and the investment climate and opportunities available in both countries.
Also, speaking during the forum Qatar Chamber First Vice-Chairman, Mohamed bin Twar Al Kuwari emphasised that Qatar and Korea share a well-established and distinguished relationship, particularly in terms of their economic and commercial ties.
In terms of trade, he highlighted that Korea holds a significant position as one of Qatar’s important trade partners, with their trade volume surpassing $14.8bn last year, reflecting a substantial increase of 27 percent compared to $11.9bn in 2021.
With regard to mutual investments, Al Kuwari highlighted the presence of numerous Korean companies operating in Qatar across various sectors, including trade, contracting, construction, IT, and others, affirming that these companies are of high quality and efficiency.
He emphasised, “Korea is an esteemed destination for Qatari investments, spanning across various sectors, including industry and technology. This investment dynamic is evidenced by the substantial trade volume and growing economic and commercial relations between the two nations.”
He urged businessmen from both countries to strengthen cooperation by establishing new partnerships and commercial alliances that mutually benefit both nations. He emphasised the keen interest of Qatari investors in exploring investment opportunities available in Korea and in fostering stronger cooperation with Korean companies.
