H E Ali bin Ahmed Al Kuwari (fourth right), Minister of Commerce and Industry; Sung Yun-Mo (fourth left), South Korea’s Minister of Trade, Industry and Energy; Sheikh Dr. Khalid bin Thani Al Thani (third right), Second Deputy to the Chairman of the Qatari
DOHA: A high-level Qatari-Korean committee yesterday discussed promotion of bilateral cooperation in various fields. H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, and Sung Yun-Mo, South Korea’s Minister of Trade, Industry and Energy, co-chaired the meeting here yesterday, the fifth meeting of the strategic cooperation committee between Qatar and Korea.
The meeting brought together representatives from the Ministries of Commerce and Industry, Foreign Affairs, Municipalities and Environment, Culture and Sports, Health, Education, and Transport and Communication as well as Qatar Petroleum, Qatar Central Bank, Qatar Chamber, Qatar Investment Authority, Qatar Airways, Qatar Civil Aviation Authority and the Public Works Authority ( Ashghal).
During the meeting, Minister Al Kuwari hailed the progress achieved during the committee’s fifth meeting in terms of expanding bilateral trade and bolstering investments in areas of common interest in addition to pursuing efforts to tackle challenges and overcome obstacles and constraints hindering the implementation of joint projects.
He stressed the importance of bilateral cooperation as its contribution to advancing the developmental aspirations of both countries, noting that Qatar considers South Korea as a promising strategic partner in the light of the potential of both countries. The Minister called for the development of strong and solid partnerships that serve the aspirations of both sides in terms of promoting growth and ensuring sustainable development and prosperity.
The fifth meeting touched on promoting cooperation in various sectors of mutual interest as the two sides discussed progress made in terms of implementing the recommendations of the fourth committee’s meeting that took place in Seoul in 2016, as well as the implementation and expansion of current projects and plans, and efforts to overcome obstacles. The committee also discussed issues relating to enhancing cooperation between the two countries in various fields including trade, investment, industry, agriculture, health, education, infrastructure and energy.
The two sides agreed to take the necessary steps to bolster trade, investment and industrial cooperation in order to increase Qatari-Korean bilateral trade and facilitate the flow of goods, services and investments between the two countries.
Earlier, opening the Qatar-Korea Business Forum, Minister Al Kuwari highlighted the advanced level of bilateral cooperation between Qatar and Korea which has been developed during the last four decades.
He noted the exchange of official visits between senior leaders from the two countries, especially the historic visit of the Amir H H Sheikh Tamim bin Hamad Al Thani to Seoul this year and the visit of the Prime Minister of the Republic of Korea Lee Nak-yeon to Doha in July, and their role in boosting bilateral relations.
The Minister said Korea is Qatar’s second largest trading partner. Total trade volume between the two countries reached $15.1bn last year, which was about 13 percent of Qatar’s total foreign trade volume last year. He noted that there are 37 South Korean companies operating in Qatar with an estimated capital of QR4bn currently engaged in trade, contracting, construction and information technology sectors; in addition to over 140 Qatar-South Korea joint ventures with a total capital of QR7.3bn.
Addressing the event, Sheikh Dr. Khalid bin Thani Al Thani, Second Deputy to the Chairman of the Qatari Businessmen Association, said Qatar’s economic progress has been proven to be sustainable despite all the regional and global challenges. He ntoed that this is supported by attractive investment incentives provided by the State to foreign investors, such as the new investment law, which allows full ownership in most economic sectors.
Sheikh Dr. Khalid also pointed to the logistical elements such as the Single Window and the free zones that help foreign investors in establishing their business in Doha, in addition to international facilities such as the Hamad International Airport and Hamad Port.
