Qatar eyes heightened economic cooperation with Korea

Qatari Minister of Commerce and Industry Mohammed bin Hamad bin Qassim Al Thani, right, poses with his Korean counterpart Lee Chang-yang after the sixth High-Level Strategic Cooperation Committee meeting between Korea and Qatar at Four Seasons Seoul, June 15. Courtesy of Ministry of Trade, Industry and Energy

By Kwon Mee-yoo

The largest-ever business delegation from Qatar visited Korea last week to facilitate and strengthen economic relations between the two countries.

The Korean Chamber of Commerce and Industry (KCCI) and the Qatar Chamber of Commerce and Industry (QCCI) co-hosted the Qatari-Korean Investment Forum at Conrad Seoul in Yeouido, June 14.

The forum brought together approximately 120 guests from both countries, bridging the gap between Korea and Qatar's economies and providing an environment to explore investment opportunities and strengthen business ties.

Mohammed Ibrahim Al-Mulla, an investor relations specialist at Invest Promotion Agency of Qatar (IPAQ), introduced the competitive and attractive business environment with a stable economy Qatar offers.

"IPAQ works closely with businesses to understand their objectives when it comes to them exploring Qatar in general, by connecting it to the right stakeholders and resources and support them through their investment process to ensure they have the best when it comes to their success," Al-Mulla said.

Bader Mohammed Al-Madhadi from the Qatar Free Zones Authority emphasized that the Middle Eastern country's free economic zones present compelling business environments with strategic locations, robust infrastructure, advantageous energy costs and supportive regulatory frameworks, all designed to drive economic diversification in alignment with Qatar's Vision 2030.

"The free zone is actually a one-stop shop regulatory authority. So we have our own regulations tailored for investors and foreign investors in order to reach the global markets easily,” Al-Madhadi explained. "We'd like to see more Korean companies within the free zones."

Ahmed Al-Enazi, director of Planning and Strategic Initiative at the Qatar Science & Technology Park (QSTP), introduced his organization as a dynamic ecosystem for technology, innovation and entrepreneurship, providing numerous opportunities for both local and international businesses.

"Where we are focusing on as priority areas are the energy sector, health, sustainability, digital technology... We're hosting research facilities for different companies, most of them international," Al-Enazi said, adding that the QSTP offers benefits such as complete foreign ownership, tax relief, exemption from customs duties and unrestricted capital, profits or salary transfers.

Qatari trade minister visits Korea

Qatari Minister of Commerce and Industry Mohammed bin Hamad bin Qassim Al Thani held the sixth High-Level Strategic Cooperation Committee with Korean Minister of Trade, Industry and Energy Lee Chang-yang, Thursday, for the first time in four years.

Qatar plays a significant role as a supplier of liquefied natural gas (LNG) to Korea, accounting for 21 percent, or 9.73 million tons, of Korea's total LNG imports, which amounted to 46.4 million tons in 2022. The ministerial discussions centered on broadening the trade relationships beyond traditional sectors like energy and construction and explored expansion into emerging industries such as agri-food, healthcare, culture and sports.

On the sidelines, Korean and Qatari authorities and companies signed memoranda of understanding (MOUs) on investment, intellectual property and smart farming and explored the potential for further MOUs concerning smart grid technology, electrical safety management and marine transportation.