By Michael Ha
Staff Reporter
Korea and Jordan signed memoranda of understanding (MOU) Monday to help Korean firms take part in massive new infrastructure projects in the Middle Eastern nation. The signing could prove to be a boon to Korea's leading construction and energy companies for years to come.
In a summit meeting with President Lee Myung-bak at Cheong Wa Dae, King Abdullah II asked that Korean companies take part in his country's new ambitious infrastructure plan, including constructing nuclear power plants and a number of desalination facilities.
These projects, some of which would be funded by World Bank loans, could be worth billions of dollars over the next 10 years.
Lee promised the Jordanian monarch that he will assist Korean companies and help them participate in the new projects.
The MOUs specify close cooperation closely in constructing nuclear power plants and a new waterway, and paves the way for future collaboration in the peaceful use of nuclear energy in Jordan.
Additionally, trade-and-commerce promotion departments from Korea and Jordan also signed separate agreements for further cooperation, encouraging the private sector in both countries to implement joint investment projects.
Jordan has set an ambitious energy plan that calls for generating one-third of the nation's electricity from nuclear power by the year 2040. Building nuclear plants is costly and Jordan's new energy initiative could greatly benefit multinational contractors.
The Middle Eastern nation also plans to spend some $4.5 billion over the next decade on building a waterway between the Red Sea and Dead Sea.
Korea and Jordan established diplomatic ties in 1962 and the two sides have steadily strengthened their economic and business relations. During the past six months, Korea imported $67 million worth of goods from Jordan while exporting $228 million worth of products to the Middle East nation.
The Jordanian king arrived in Korea, Sunday, for a three-day visit to discuss ways to boost bilateral ties. He is also scheduled to meet with business leaders and high-ranking officials during his trip. This is the Jordanian monarch's fourth visit to Korea.