The Qatar-Korea Business Forum held Wednesday in Doha showcased multiple ways in which both countries could cooperate to strengthen bilateral commercial, investment, and industrial relations.
The highlight of the event was the forum’s inauguration led by South Korean President Yoon Suk Yeol and HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani. Both officials spoke about investment opportunities available in both countries and ways to enhance bilateral economic co-operation.
According to HE Sheikh Mohamed, Qatar and Korea enjoy close ties that were fortified by numerous official visits and both countries’ shared vision to diversify and broaden strategic partnerships and build a sustainable and prosperous future. This relationship was further enhanced by the signing of several bilateral agreements and MoUs, covering various sectors, he said.
The minister noted that the forum represents an important opportunity to build on the positive results achieved in the previous edition, which was 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.
Sheikh Mohamed said Qatar-Korea trade volume “reflects the strength of economic ties and its prospects,” lauding South Korea as Qatar’s third largest trading partner.
The minister said Qatar succeeded in diversifying its economy by supporting non-carbon sectors and encouraging investments in the industrial sector. He said the 2022 FIFA World Cup cemented the nation’s position as a leading commercial and investment centre in the region, even as he called on Korean businessmen to benefit from Qatar’s economic and investment environment, which are favourable to foreign investors.
Sheikh Mohamed said Qatar boasts of incentives that aim to encourage businessmen and companies to invest in Qatar, including legislation that allows 100% foreign ownership in various sectors, including real estate.
Qatar also has advanced services and benefits to investors and companies provided by its free zones, in addition to a strategic location, modern infrastructure, and logistical capabilities, allowing the business sectors in both countries to establish new partnerships in certain vital sectors, such as light manufacturing, metallurgy, pharmaceuticals, agro manufacturing, and technology to meet the needs of the Qatari market and tap into new markets in the region and around the world.
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