Qatar, South Korea to make major investments
28 Apr 2015
(MENAFN) Qatar and South Korea are set to cooperate through an agreement, in which Korea will make major investments in the Gulf country, particularly in the energy sector, The Peninsula reported.
The aim of the investments is to cut the economic deficit that Qatar is struggling with, according to the Korean Embassy in Qatar. In 2014, the trade volume between the two countries stood at USD26.63 billion.
The trade volume in 2014 showed a decreasing trend of about 1.4 percent from the USD27 billion of 2013. However, Qatar’s exports to South Korea reached USD25.73 billion, and imports were USD905 million.
“Our main concern is to reduce the trade balance with Qatar. For that we are trying to bring Korean companies to set up factories in Qatar,” the Director of Kotra, the Commercial Section of the Korean Embassy, said in a statement.