The 2022 South Korea-Qatar Business Forum held in Doha Wednesday marked the comprehensive strategic partnership between both nations, whose trade exchange in the first five months of 2022 stood at $5.98bn, an official has said.
In his welcome address, Mohamed Hassen al-Malki, Deputy Undersecretary for Industrial Affairs at the Ministry of Commerce and Industry, called for joint efforts to expand Qatar-South Korea strategic co-operation and include new and diverse sectors, such as health and Information and Communications Technology (ICT).
“In this context, we praise the advanced level of trade exchange between our two nations. Qatar-South Korea trade exchange has grown by 67.2% compared to 2020. It reached $11.57bn in 2021 and $5.98bn in the first five months of this year.
“Moreover, the South Korean private sector is playing a significant role in supporting the Qatari economy. Qatar is home to 179 South Korean companies, including leading economic establishments that have contributed to implementing important infrastructure projects that form part of hosting the 2022 FIFA World Cup,” al-Malki stressed.
Al-Malki also pointed out that the Ministry of Commerce and Industry has been diversifying Qatar’s foreign investment portfolio in South Korea. This, he said, reflects Qatar’s keenness to support the economies of its strategic partners and to mutually share expertise in areas that serve Qatar’s development trends.
This sharing of expertise, especially at the levels of industry and technology are “two fundamental factors in the renaissance and progress of the Republic of South Korea,” al-Malki explained.
He said the agreements and memoranda of understanding signed between the two sides have contributed to strengthening and consolidating joint trade and investment co-operation.
“In this regard, we call for establishing the needed mechanisms to enact and enhance this co-operation in all areas. We cannot fail to appreciate here both sides’ initiative to sign a bilateral agreement last August to waive the entry visa requirement for nationals of both countries.
“We express our full confidence in this step, which is bound to strengthen the bridges of communication and dialogue between our two friendly countries and peoples, and allow establishing more successful joint ventures,” al-Malki said.
He stressed that under the guidance of the country’s wise leadership, Qatar maintains its efforts to enhance its economic openness and support co-operation with all its trading partners worldwide, “especially the friendly Republic of South Korea.”
Al-Malki said: “To this end, we have implemented systematic development policies that have boosted investor confidence in the Qatari economy and instilled our nation’s leading position in the regional and global economic scenes. These policies, moreover, stressed the State of Qatar’s strategic role as a starting point toward the Mena region’s markets.
“To accelerate the implementation of all measures aimed at supporting the investment sector, we introduced public-private partnership projects and we also put in place incentive programmes to attract foreign direct investments, such as passing the Law on the Regulation of Investment of Non-Qatari Capital in the Economic Activity and the Law on Investment Free Zones, which allows foreign investors ownership up to 100%. Additionally, non-Qatari individuals and commercial companies were allowed real estate ownership in several vital economic and tourist areas in Qatar.”
He added: “Moreover, Qatar has been keen to provide an advanced network of free zones, logistics zones, and industrial units to accommodate all investor needs, as well as support investors’ expansion in the local, regional, and global markets.”
In his welcome address, Mohamed Hassen al-Malki, Deputy Undersecretary for Industrial Affairs at the Ministry of Commerce and Industry, called for joint efforts to expand Qatar-South Korea strategic co-operation and include new and diverse sectors, such as health and Information and Communications Technology (ICT).
“In this context, we praise the advanced level of trade exchange between our two nations. Qatar-South Korea trade exchange has grown by 67.2% compared to 2020. It reached $11.57bn in 2021 and $5.98bn in the first five months of this year.
“Moreover, the South Korean private sector is playing a significant role in supporting the Qatari economy. Qatar is home to 179 South Korean companies, including leading economic establishments that have contributed to implementing important infrastructure projects that form part of hosting the 2022 FIFA World Cup,” al-Malki stressed.
Al-Malki also pointed out that the Ministry of Commerce and Industry has been diversifying Qatar’s foreign investment portfolio in South Korea. This, he said, reflects Qatar’s keenness to support the economies of its strategic partners and to mutually share expertise in areas that serve Qatar’s development trends.
This sharing of expertise, especially at the levels of industry and technology are “two fundamental factors in the renaissance and progress of the Republic of South Korea,” al-Malki explained.
He said the agreements and memoranda of understanding signed between the two sides have contributed to strengthening and consolidating joint trade and investment co-operation.
“In this regard, we call for establishing the needed mechanisms to enact and enhance this co-operation in all areas. We cannot fail to appreciate here both sides’ initiative to sign a bilateral agreement last August to waive the entry visa requirement for nationals of both countries.
“We express our full confidence in this step, which is bound to strengthen the bridges of communication and dialogue between our two friendly countries and peoples, and allow establishing more successful joint ventures,” al-Malki said.
He stressed that under the guidance of the country’s wise leadership, Qatar maintains its efforts to enhance its economic openness and support co-operation with all its trading partners worldwide, “especially the friendly Republic of South Korea.”
Al-Malki said: “To this end, we have implemented systematic development policies that have boosted investor confidence in the Qatari economy and instilled our nation’s leading position in the regional and global economic scenes. These policies, moreover, stressed the State of Qatar’s strategic role as a starting point toward the Mena region’s markets.
“To accelerate the implementation of all measures aimed at supporting the investment sector, we introduced public-private partnership projects and we also put in place incentive programmes to attract foreign direct investments, such as passing the Law on the Regulation of Investment of Non-Qatari Capital in the Economic Activity and the Law on Investment Free Zones, which allows foreign investors ownership up to 100%. Additionally, non-Qatari individuals and commercial companies were allowed real estate ownership in several vital economic and tourist areas in Qatar.”
He added: “Moreover, Qatar has been keen to provide an advanced network of free zones, logistics zones, and industrial units to accommodate all investor needs, as well as support investors’ expansion in the local, regional, and global markets.”