(MENAFN- The Peninsula) lalin fernandopulle |
The Peninsula
Doha: Korea, a close trading partner of Qatar sees prospects for bilateral commercial ties high this year according to a senior official of the Korean trade promotion body in Qatar.
The outlook for Qatar-Korea trade growth in 2023 is highly positive as both countries have made considerable efforts to strengthen bilateral relations and encourage further collaboration between businesses, Korea Trade Promotion Agency (KOTRA) DG Hanseung Kim told The Peninsula yesterday.
He said Qatar has paid a lot of emphasis on the education and health care sector in its 2023 Budget where in which Korean companies could make a major contribution to the sector and deliver the best in class solutions at a reasonable price.
KOTRA will add more focus this year to generate business from these sectors. Earlier we focused more on infrastructure and shipbuilding business as Korean companies boast major engineering capabilities with several big projects – such as Hamad Medical City, Qatar National Museum, Lusail Plaza Tower and Facility D IWPP: Combined Cycle Power Plant - being completed by Hyundai E&C and Samsung C&T respectively, Kim said.Around 74 gas carriers owned by Qatar have been built by three Korean shipbuilders.
After signing a contract in 2020 for more than 100 LNG carriers' slots, orders are ongoing.
It is estimated that a total of 54 ships have been ordered with amount $12.9bn (Korea Shipbuilding and Offshore Engineering 17 ships, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering 19 ships).
Most of them were built within or nearby Busan. Busan is a home for various big companies who cater to the Shipbuilding and Maritime industry. This city is also well known for manufacturers, traders and facilities for various products and services related to marine industry. Not only do these present business opportunities but the port city of Busan may also host Expo 2023 if successful in its bid - offering further scope to boost economic ties between both nations over the coming years, Kim said adding that Busan is the candidate host city for Expo 2030. Busan aims to host the World EXPO 2030 with the main theme of“Transforming Our World, Navigating toward a Better Future”.
Busan is globally known as the transportation & logistics hub which is a connecting passageway from the Eurasian continent to the Asia-Pacific. Apart from the ease of access to well-equipped infrastructure such as airports, high-speed railways and top edged ports, Busan is also known for being the 5th and 13th largest MICE city in Asia and the world respectively with outstanding talent pool and exhibition infrastructure (such as BEXCO), has outstanding expertise in hosting international exhibitions.
This thriving city now serves as a center for marine science and R&D, and a home to relevant institutions, such as the Korea Maritime Institute (KMI) and the Korea Institute of Ocean Science and Technology (KIOST).
Busan is eager to host World EXPO 2030 on the basis of“3Ws”: well-developed; well-placed; and well-experienced. Along with the people of Busan, Koreans share a very strong aspiration to host the World EXPO 2030 in Busan. The central and local government, executive and legislative branches, private and public sectors alike, will engage in wholehearted efforts as one team in order to achieve it.
What makes it special is that the EXPO will The World Expo 2030 Busan will be a truly global festival, open to all and provide an opportunity for all participants to recognize global challenges and give thought to the environment and new ways of life. The audience will become compelling witnesses to a new future as a transformation unfolds around the world before their eyes in real-time utilizing new technologies, such as AI, IoT and 6G.
South Korea according to the Kotra DG aims at exploring further opportunities to boost its trade from around $12bn in 2021 to higher level in the coming years.Relations between Korea and Qatar has grown steadily since its establishment in 1974. Qatar is the largest LNG exporter to Korea and Korea's second largest trading partner in the Middle East.
Qatar is ranked as one of the leading countries according to the World Bank Doing Business Index in the region.