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Reading: Ambassador reports Qatar-Korea trade increase to more than $17 billion
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Gulf Press > Uncategorized > Ambassador reports Qatar-Korea trade increase to more than $17 billion
Uncategorized

Ambassador reports Qatar-Korea trade increase to more than $17 billion

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Last updated: 2024/05/12 at 5:28 AM
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The relationship between Qatar and Korea has strengthened over the past 50 years, with economic cooperation playing a crucial role in their partnership. Ambassador of Korea to Qatar, H E Joon-Ho Lee, emphasized the growth in trade volume between the two nations, which has skyrocketed from $4 million in 1974 to $17.1 billion in 2022. This significant increase reflects the strong economic ties between Qatar and Korea, particularly in the energy and construction sectors.

Ambassador Lee highlighted Qatar’s importance as a key energy supplier to Korea, as well as Korea’s participation in over 130 major construction projects in Qatar, including the iconic Sheraton Resort and Convention Hotel and the Lusail Highway. He also noted the frequent high-level visits between the two countries, including the recent visit of Korean President Yoon Suk Yeol to Qatar. The comprehensive partnership established in 2007 was further enhanced last year, elevating the relationship to a comprehensive strategic partnership.

Cultural exchange between Korea and Qatar was also emphasized by the ambassador, noting that both countries are cultural powerhouses that have successfully blended tradition with modern trends. Korea’s K-Pop and Korean dramas have gained international popularity, while Qatar has established itself as a hub for sports and culture. In line with the anniversary celebrations, the “Korea Tourism, Culture & Medical Festival” was held at the Mall of Qatar, featuring K-Pop performances, Korean cuisine, and tourism and medical services to attract attendees and promote tourism exchanges.

Korea Tourism Organisation (KTO) Executive Vice President, Hakju Lee, highlighted the event’s goal of strengthening tourism exchanges between Qatar and Korea, showcasing the diverse attractions of Korean tourism under the theme “Korea Tourism, All in One.” Lee mentioned a significant resurgence in Qatari inbound tourism to South Korea, with visitor numbers surpassing pre-pandemic levels. In 2022, there was a 43% increase in visitors from Qatar compared to pre-pandemic levels, indicating a rapid rebound in the Qatari inbound market, exceeding the overall tourism recovery rate of 63% in 2023.

As the anniversary celebrations continue, the close ties between Qatar and Korea are evident in their economic, cultural, and tourism partnerships. The events and initiatives taking place reflect the aim of strengthening the relationship between the two nations, promoting mutual growth and collaboration in various sectors. The success of the Korea Tourism, Culture & Medical Festival highlights the growing interest in Korean culture and tourism among Qataris, further enhancing the cultural exchange between the two countries. With a strong foundation of cooperation, Qatar and Korea are set to continue building on their partnership and exploring new opportunities for mutual benefit.

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News Room May 12, 2024
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