President Yoon Suk Yeol, on a state visit to Qatar, on Oct. 25 gives a speech at the Korea-Qatar Business Forum at a hotel in Doha, Qatar. (Kim Yong Wii from Office of the President)

By Koh Hyunjeong

President Yoon Suk Yeol on Oct. 25 stressed bilateral cooperation with Qatar in new sectors like energy, artificial intelligence and the defense industry.

The Office of the President in Seoul said he attended the Korea-Qatar Business Forum at a hotel in the Qatari capital of Doha and gave a congratulatory speech there. "We must jointly prepare for a new partnership over the next 50 years of mutual prosperity in the face of a major turning point in the global economy," he said.

"For some 50 years after forming diplomatic ties, Korea took charge of infrastructure construction and Qatar of energy supply in a mutually beneficial relationship for each side's economic development," he added. 

"We need to broaden our scope of cooperation to LNG upstream and downstream sectors like ships and terminals while further consolidating collaboration in LNG adoption between the two countries, as well as expand our partnership to the energy industry as a whole including new energy areas and electrical power equipment." 

The same day, both countries signed 10 memorandums of understanding -- six on new industries, two on energy, one on plants, and the last in trade and finance.

In new industries, Nongshim, Korea's leading maker of instant noodles and snacks, and Pomit, a Korean information and communications technology company for smart farms, formed a consortium and agreed to cooperate in smart farm technology with Qatari agriculture developer Agrico. Six MOUs were signed -- two on smart farms, two on health care, one on self-driving, and the other on Korean beauty and cosmetics.

In energy, Samsung C&T and the Qatar Free Zones Authority concluded two deals including an MOU on cooperation in orders for the Arab country's solar power projects.

For the plant sector, Daemo Engineering, a Korean special purpose construction equipment maker, signed an MOU with Qatar Building Co. on jointly securing new orders.

In trade and finance, the Korea Trade Insurance Corp. and Qatar Development Bank agreed in an MOU to help Korean companies with exports and contracts.

The Korean Ministry of Trade, Industry and Energy said, "Through the Korea-Qatar Strategic Cooperation Committee and Korea-Middle East Committee for Promotion of Public-Private Economic Cooperation, we will provide systematic support to ensure that these concluded deals develop into tangible results like contracts and projects that are implemented as soon as possible."

Minister of Trade, Industry and Energy Bang Moon Kyu (second from left) and Qatari Minister of Commerce and Industry Hamad bin Qassim Al Thani (third from left) on Oct. 25 clap while posing for photos at the Korea-Qatar Business Forum at a hotel in Doha, Qatar. (Ministry of Trade, Industry and Energy)