Korean firms to participate in Oman's 31 trillion won infrastructure project

The Korea Times

The Korea Times

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Korean firms to participate in Oman's 31 trillion won infrastructure project

Posted : 2016-11-01 17:13

Updated : 2016-11-01 17:54

High ranking government officials from Korea and Oman discuss the two countries' bilateral cooperation on 25 issues in 12 fields at the Four Seasons Hotel in Jongno-gu, central Seoul, Tuesday. During the meeting, the two sides agreed to allow Korean companies to participate in a number of energy and infrastructure projects in Oman worth a total of 31 trillion won ($27.1 billion). / Yonhap

By Jhoo Dong-chan

Korean companies are set to participate in Oman's energy and infrastructure project worth 31 trillion won ($27.1 billion).

Government officials from both countries held the 5th meeting of the Korea-Oman Joint Committee for Economic Cooperation at the Four Seasons Hotel in Jongno-gu, central Seoul, Tuesday, to discuss bilateral cooperation on 25 agendas in 12 fields, including trade, investment, energy, finance, infrastructure, health and tourism.

First started in 2009, the Korea-Oman Economic Cooperation Committee is a biennial meeting where the two countries' ranking government officials discuss economic cooperation.

During the meeting, the two sides agreed to allow Korean companies to participate in a number of Oman's energy and infrastructure projects, including building oil refineries, petrochemical plants, national railroads and underwater gas pipelines connecting Oman to Iran.

In a bid to help Korean companies operate in Oman, the two countries are also expected to review their plan to establish the "Korea Desk" in Oman.

They also agreed to form a working-level group consisting of government officials, businessmen and civilian experts to enhance bilateral cooperation on renewable energy and energy storage systems.

Oman is considered to have great potential in renewable energy technologies such as solar and wind, and has a plan to generate 10 percent of its total electricity with renewable energies by 2020.

Separate from the energy and infrastructure projects, Korea's Financial Services Commission is expected to sign a memorandum of understanding (MOU) for financial cooperation with the Oman government, under which the two countries share experiences and information over their financial policies.

"The deal with the Oman government is important as the two countries have diversified their fields of interest into finance, renewable energy, health and tourism," said a Ministry of Trade, Industry and Energy official.

"In order to manage and oversee the agreement, working-level groups from both countries will have another meeting earlier next year."

The 6th Korea-Oman Economic Cooperation Committee meeting will be held in Oman in 2018.

jhoo@ktimes.com