Qatar and South Korea strengthened their relations further. Both the countries agreed to take necessary steps to bolster investment and industrial cooperation in order to increase bilateral trade and facilitate the flow of goods, services and investments between the two countries.
Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari, during the fifth meeting of the strategic cooperation committee between Qatar and Korea, said Qatar considers South Korea as a promising strategic partner in the light of the potential of both countries and 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. Sung Yun-Mo, South Korea’s Minister of Trade, Industry and Energy, co-chaired the meeting.
H E the Minister said South 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. 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. This is in addition to more than 140 Qatar-South Korea joint ventures with a total capital of QR7.3bn.
Chief Executive Officer of Qatar’s Investment Promotion Agency H E Sheikh Ali bin Alwaleed Al Thani, said that the State of Qatar is witnessing comprehensive growth in all fields.
Qatar established special economic zones, passed the new labour law, and increased the limits of foreign ownership.
Qatar ranked first in financial safety, first in the Global Entrepreneurship Index, third in economic performance, fifth in government efficiency and tenth in business efficiency. Qatar also ranked 30th globally and second in the Middle East in terms of global competitiveness, according to the Global Competitiveness Report 2018. All these indicators highlight the attractive business and investment climate in Qatar.
Qatar’s economic progress has been proven to be sustainable despite all the regional and global challenges, said Sheikh Dr. Khalid bin Thani Al Thani, Second Deputy to the Chairman of the Qatari Businessmen Association.
Sheikh Dr. Khalid noted 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. Sheikh Dr. Khalid called on Korean investors to benefit from the promising opportunities and favourable environment provided by the Qatari economy in various sectors and participate in achieving the desired economic diversification goals.
All in all, Qatar and South Korea share extensive bilateral ties that will continue to grow in the future.
