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Posted On: 15 August 2018 09:30 am
Updated On: 12 November 2020 02:19 pm

Qatar and South Korea: A growing partnership

Nabeela
Nabeela
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South Kore

On this special ocassion, ILQ wishes all South Koreans a very happy National Day.

Diplomatic relations between Qatar and South Korea were established in 1974 and the South Korean embassy opened its doors in 1976, and since then the two countries have nurtured good relations with each other.

Bilateral trade between Qatar and South Korea

South Korea is Qatar’s second biggest trade partner and bilateral trade between the two countries is on the increase. Trade between the two countries is based on two main sectors: construction and energy. Crude oil and Liquefied Natural Gas (LNG) are the biggest imports to South Korea from Qatar which makes it the largest supplier of LNG and the fifth largest supplier of oil to South Korea. Qatar also exports fertilizers, polymers and petrochemicals to South Korea.

South Korea’s Kogas which is one of the world’s largest buyers of LNG has a trade agreement with Qatar’s Ras Gas which entails the export of 9 million tons of LNG a year until 2024-2026.

South Korea exports automobiles, light ocean vehicles, electronics, cables, certain appliances, furniture, machinery, building materials, air conditioning units and iron products to Qatar. In addition, Qatar’s LNG carriers are mostly made by South Korean shipyards.

Trade volume between Qatar and South Korea

In 2016, Qatar’s exports to South Korea equaled almost QR32.6 billion and the imports equaled about QR2.46 billion, bringing the trade volume between the two countries to approximately QR35.1 billion.

Business investments between Qatar and South Korea

In Qatar, there are approximately 17 South Korean companies which are operating in a number of important infrastructure projects which include the Lusail infrastructure, Qetaifan Islands, Umm Haul Power, the National Museum in Qatar, the Barzan offshore facilities, desalination plants and also within the forthcoming Doha Metro project.

Agreements between Qatar and South Korea

In the first quarter of 2015, Qatar and South Korea signed a Memorandum of Understanding (MoU) to establish joint diplomatic training between Qatar and Korea. Other agreements are based on trade, economy and technical cooperation and on mutual protection and promotion of investments.

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