Business
‘6th Korea-Qatar High-Level Strategic Co-operation Committee’ meeting to strengthen economic ties, says envoy
June 20, 2023 | 08:40 PM
The sixth ‘Korea-Qatar High-Level Strategic Co-operation Committee’ recently convened in Seoul, co-chaired by Lee Chang-yong, Minister of Trade, Industry and Energy of the Republic of Korea, and HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani.Lee Joon-ho, ambassador of the embassy of the Republic of Korea in Qatar, said the committee meeting, which was established in 2012 through an agreement between the leaders of both countries, continues to serve as a vital platform for fostering mutual understanding and expanding the horizons of bilateral co-operation.He said: "The meeting in Seoul not only provided an opportunity to discuss future cooperation but also served as a platform to assess the progress achieved between our two countries since 2019 in various sectors. We are delighted to note the active participation of relevant ministries and agencies from both Korea and Qatar, reflecting the shared commitment to advancing our bilateral relations."During the meeting, Lee said the ministers acknowledged the significant contributions made through mutually-beneficial cooperation in the LNG trade. They further discussed avenues to expand collaboration across the entire LNG supply chain, while exploring emerging fields related to hydrogen, ammonia and other renewable energy sources.In this regard, the two countries have agreed to enhance information sharing on the development and construction of solar power plants and blue ammonia projects. Additionally, they agreed to actively pursue the signing of three memorandums of understanding (MoUs) in the energy sector proposed by the Korean side, with further discussion this year.Building upon this strong foundation in the energy sector, the two ministers jointly expressed their resolute commitment to diversify the scope of collaboration beyond traditional sectors, such as energy and construction.They also agreed to explore new frontiers in agriculture, healthcare, and high-tech industries, as well as culture and sports. To accomplish this, both officials expressed willingness to increase bilateral investment in the years ahead.On the sideline of the meeting, three MoUs were signed, demonstrating the eagerness to foster deeper collaboration. One of these agreements focused on investment co-operation between KOTRA and Invest Qatar, paving the way for increased economic partnerships.Additionally, a ‘Korea-Qatar Investment Forum’ took place in Seoul, attracting the participation of 160 businesspeople representing 80 companies and institutions from both countries. The forum served as a platform for fruitful discussions on expanding investment and business opportunities between Korea and Qatar.Notably, a B2B networking meeting on the margin of the forum enabled private companies from both nations to engage in valuable discussions and explore specific business prospects."We believe these events highlight the vibrant and dynamic nature of our bilateral relations, driven by the active involvement from both public and private sectors. We are confident that such collaborative endeavours will contribute significantly to the deepening of economic ties and mutual prosperity between Korea and Qatar," the ambassador stressed.Lee highlighted that the signing of an MoU in the intellectual property sector between the Korean Intellectual Property Office and the Ministry of Commerce and Industry marks the first-of-its-kind in the field of IP between both nations and sets the stage for the realisation of a multitude of co-operative projects in the coming months and years.He added: "As we move forward, the embassy of Korea to the State of Qatar remains dedicated to nurturing and strengthening the bonds between our countries. We are committed to proving the necessary support and fostering an environment conducive to fruitful co-operation, both in the public and private spheres."
June 20, 2023 | 08:40 PM