Trade exchange between Qatar and South Korea stood at $5bn in the first half of 2021, Qatar Chamber first vice chairman Mohamed bin Towar al-Kuwari said during the Qatar-Korea Business Forum held on Sunday.
The forum was held in the presence of Korea Chamber of Commerce and Industry executive vice chairman Woo Tae-hee and a number of Qatar Chamber board members and prominent businessmen from both countries.
Al-Kuwari said H1 2021 trade exchange reflected a 29% growth over $3.9bn in 2020. Total bilateral trade volume last year stood at almost $7bn, said al-Kuwari, who stressed the eagerness of Qatari businessmen to establish more commercial alliances with their Korean counterparts.
He noted that the forum offers “a valuable opportunity” for both sides to expand trade relations of both countries’ private sectors and forge economically advantageous active partnerships.
Al-Kuwari said many South Korean companies are operating in Qatar and are “known for their high quality and efficiency.” He said South Korea is a “distinct destination” for Qatari investments, which are active in various sectors and in line with Qatar’s economic diversification strategy and attracting foreign direct investment.
He encouraged Qatari businessmen and investors to further co-operate with their South Korean counterparts and explore investment opportunities available in South Korea and benefit from their internationally-known expertise and state-of-the-art technology.
Al-Kuwari said the chamber welcomes more South Korean companies to the Qatari market, which boasts of world-class infrastructure and pro-investment legislation, and is replete with economic, logistic, and free zones that offer investment opportunities.
Woo commended the strong Qatar-Korea relations, saying that despite the Covid-19 pandemic, economic co-operation “remains strong,” and that many South Korean companies continued to provide Qatar with health-related products.
He also noted that a pioneering South Korean shipbuilder company oversaw a contract to build 135 vessels for the then Qatar Petroleum (now QatarEnergy) in June 2020, citing the contribution of South Korean companies to many projects in Qatar, including the development of gas fields, the construction of Qatar National Museum, power stations, and roads.