Qatar-Korea Trade Hits $16 Billion in 2023 Amid Strengthened Strategic Partnership

Qatar, 11 October, 2024 : Bilateral trade between Qatar and the Republic of Korea reached approximately $16 billion in 2023, with Korea being the second-largest importer of Qatari LNG, accounting for 19.5% of its annual consumption, according to Korean Ambassador to Qatar, HE Hyunsoo Yun.

During President Yoon Suk Yeol’s 2023 state visit, relations between the two nations were elevated to a comprehensive strategic partnership. In an exclusive interview, Ambassador Yun highlighted expanded cooperation in areas like security, defence, ICT, and artificial intelligence. New agreements in smart farms and autonomous vehicles are expected to drive further collaboration.

The signing of a Free Trade Agreement (FTA) between Korea and the GCC, along with Qatar’s growing investments in renewable energy, AI, and smart technologies, will likely boost Korean company activities in Qatar. Korea is also contributing to Qatar's solar power initiatives and ongoing infrastructure projects in smart cities and water desalination.

Ambassador Yun also praisSd Qatar's diplomatic role in mediating the Gaza crisis and confirmed Korea’s contribution of $10 million in humanitarian aid for those affected by the Israel-Hamas conflict.

Source : www.zawya.com