Geun-hye: Support for Qatar hosting the FIFA World Cup in 2022. Picture: Jayan Orma
By Peter Alagos/Business Reporter
Qatar is looking to becoming a major investor in South Korea’s automobile, shipbuilding, and aviation industry, as well as capital investment through multiple sovereign wealth funds, South Korean President Park Geun-hye said.
Geun-hye said this to a high-level delegation of Qatari and South Korean businessmen in the presence of HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada and Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani at the Four Seasons in Doha.
She also noted that South Korea is “very competitive” in the car manufacturing and the shipbuilding industry as well as information technology (IT) and the telecommunications sector. “We are keen to become the business hub of north eastern Asia through a free trade agreement with China” the South Korean president said.
Geun-hye noted that both Qatar and South Korea are currently discussing the “integration of the country’s capital investment strength and SK’s state-of-the-art technical skills.”
“This highlights one of the important focal points of HH the Emir Sheikh Tamim bin Hamad al-Thani’s visit to Korea last year, which aims to find more investment opportunities through our country’s investment agency and the Qatar Investment Authority.
“Aside from investment opportunities, we are also discussing possible joint investments that could further penetrate the market,” she said.
This was reiterated by al-Sada, who stressed that Qatar is looking towards South Korea “for further diversification of our economy.”
“Qatar is aiming continuously to diversify its sources of income and also to achieve sustainable economic development in order to reduce the use of hydrocarbons as the only source of income of the economy,” al-Sada said.
He added, “Increasing the economy’s income is an added value to Qatar’s GDP growth that is why we are aiming to reinforce our partnership and co-operation with our friends and partners in South Korea.”
Geun-hye assured South Korea’s support to Qatar hosting the FIFA World Cup in 2022, particularly preparations related to infrastructure and construction works.
Citing the staging of the Seoul Olympics in 1988 and the 17th staging of the FIFA World Cup in South Korea in 2002, the president said South Korea was able to “achieve a lot of economic income” from the two events.
“These events have created a lot of job opportunities, increased consumption, and strengthened our brand image and national trademark. I am truly convinced that the hosting of the 2022 World Cup will be a good opportunity for Qatar’s economy,” she said.
Geun-hye added, “Korea has experience in holding big ticket events like the World Cup in terms of infrastructure building and services, and we would like to become Qatar’s partner for this milestone.”
She added that South Korea is also keen on expanding economic co-operation in information and communications technology (ICT), medical sector, public health, research and development (R&D), and other industries “as suggested by the Emir” during his recent state visit to South Korea.
“Korea is also keen on building a new smart city in Qatar based on its competitive edge in the field of ICT and running other smart technologies in the hope of expanding co-operation horizons,” she added.
