Qatar, Korea trade exchange hit $ 5bn in H1, Qatar Chamber


Korea is an important trade partner to Qatar. The two countries’ bilateral trade volume reached nearly $ 7bn last year, said Qatar Chamber (QC) First Vice Chairman HE Mohamed bin Ahmed bin Twar Al Kuwari.

This came during the Qatar-Korean Business Forum which was held on Sunday at Sheraton Doha Hotel in the presence of Executive Vice Chairman of Korea Chamber of Commerce and Industry Woo Taehee and a number of QC board members and prominent businessmen from both countries.

Twar also said that the two countries trade in the first half of current year stood at $ 5bn, showing an increase of 29 percent compared to $3.9bn in the same period last year.

Speaking to the forum, bin Twar stressed the eagerness of Qatari businessmen to establish more commercial alliances with their Korean counterparts, noting that this forum offers a valuable opportunity for both sides to augment the trade relations between the private sector of both countries and forge active partnerships that are of good advantage for the economies of both friendly countries.

Regarding the mutual investments, he pointed out that there are many Korean companies operating in Qatar and known with their high quality and efficiency, adding that Korea is a distinct destination for Qatari investments which are active in various sectors and in line with Qatar’s strategy of economic diversification and opening investment abroad in friendly countries.

QC First Vice Chairman called on Qatari businessmen and investors to further cooperate with their Korean counterparts and explore investment opportunities available in Korea and benefit from the Korean expertise which enjoy renowned international reputation and state-of-the-art technology.

Twar indicated that Qatar Chamber welcomes more Korean companies in the Qatari market, stressing that it is promising and welcomes foreign investments given the provision of a world class infrastructure, pro-investment legislation and the existence of economic, logistic, and free zones which offer feasible investment opportunities for Korean firms.

For his part, Executive Vice Chairman of Korea Chamber of Commerce and Industry commended the strong relations between Qatar and Korea, indicating that despite the Covid-19 pandemic, their economic cooperation remains strong and that many Korean companies continued to provide Qatar with commodities needed for health quarantine.

He also noted that a pioneering Korean shipbuilder company conducted a contract to build 135 vessels for Qatar Petroleum in June 2020, referring to the contribution of Korean companies to many projects in Qatar, including the development of gas fields, the construction of Qatar National Museum, power stations and roads.

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