Expansion of New Industries Beyond Energy
South Korea and Qatar marked the 50th anniversary of diplomatic relations by expanding cooperation opportunities in new industries, creating a new chapter in economic collaboration between the two countries.
The Korea International Trade Association (KITA) and the Embassy of Qatar in Korea held the "Korea-Qatar 50th Anniversary Trade and Investment Forum" on the 11th at the Grand InterContinental Parnas Hotel in Gangnam-gu, Seoul, announcing their intention to broaden the scope of cooperation beyond energy and construction to new industries such as artificial intelligence (AI), defense, medical services, and startups.
In his opening remarks, Yoon Jin-sik, Chairman of KITA, said, "Trade between the two countries, which was $4 million at the time of establishing diplomatic relations in 1974, grew significantly to $15.8 billion last year," adding, "It is now time to expand cooperation beyond traditional partnerships into innovative industries." Chairman Yoon expressed optimism that new industries, including advanced technologies and startups, would further enhance the economic synergy between the two countries.
On the 11th, at the Grand Intercontinental Parnas Hotel in Gangnam-gu, Seoul, Yoon Jin-sik, Chairman of the Korea International Trade Association, delivered a greeting at the "Korea-Qatar 50th Anniversary of Diplomatic Relations Trade and Investment Forum" hosted by the Korea International Trade Association. Photo by Korea International Trade Association
Khalid Al-Hamar, Ambassador of Qatar to Korea, also urged Korean companies to participate more actively in national-level projects promoted by Qatar. He stated, "If Korean companies join various projects under 'National Vision 2030,' Qatar's mid- to long-term development plan for economic growth and social development, it will create a synergy effect," and added, "I hope this forum will help both countries discover new business opportunities and open a new horizon for cooperation."
The forum introduced practical cooperation measures such as Qatar's investment environment and incentives, economic free zones, and information on infrastructure and construction projects.
Song Sang-hyun, Director of the GCC Country Research Institute at Dankook University, emphasized the need to expand cooperation, keeping in mind Qatar's potential for hydrogen production based on LNG, saying, "South Korea exports steel, heavy industrial products, and passenger cars to Qatar, while importing liquefied natural gas (LNG) and crude oil from Qatar."
Badr Darwish, Director of the Qatar Public Works Authority, said, "We plan to carry out 245 public projects worth 116 billion riyals over the next four years," adding, "We are cooperating with Korean companies in construction, systems, and equipment supply."
Following the forum, the "Korea-Qatar 50th Anniversary Reception" was held, where officials from both countries discussed concrete cooperation measures through networking.
Scene from the "50th Anniversary of Korea-Qatar Diplomatic Relations Trade and Investment Forum" on the 11th. Provided by the Korea International Trade Association
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