Muscat, Lee Nak-yeon, Prime Minister of the

Republic of Korea, hailed the national development strategy adopted

by the Sultanate since the accession of His Majesty Sultan Qaboos Bin

Said to the throne. He said that the political stability witnessed by the

Sultanate came through the adoption of a balanced diplomacy and

diversification Economic development through implementing the five-

year plans since 1976 followed by “Oman 2020 Vision” and currently

“Oman Vision 2040 Future.”

The Prime Minister of the Republic of Korea added in his speech at

the Omani-Korean Business Forum today that the Sultanate of Oman

is one of the exporters of liquefied natural gas (LNG) to Korea, which

has helped to diversify the economy in Korea and is one of the largest

markets to rely on in terms of trade volume. He pointed out to the

possibility of joint cooperation in the areas of information technology,

smart cities, health, medical care, industries and fisheries in the future.

The Prime Minister of the Republic of Korea called upon

businessmen of both countries to join hands and benefit from the

investment and economic opportunities available especially in the fields

of petrochemical industries, railways, solar power and smart cities as

the Sultanate seeks to develop these areas and diversify its economy

through its future plans and vision.

On his turn, Dr. Ali bin Masoud al-Sunaidy, Minister of Commerce

and Industry described the Sultanate’s trade relations with the

Republic of Korea as “old” as these relations focus on projects of

cooperation and partnership primarily in the oil, gas, petrochemical and

logistics sectors. He pointed out that the Sultanate is witnessing the

implementation of new projects in the field of electricity production by

solar energy with the Republic of Korea.

Minister of Commerce and Industry expressed the hope that the

businessmen meeting of the two countries will move on to wider fields,

especially in the area of knowledge economy, as the two sides signed a

memorandum of understanding on the establishment of smart cities in

the economic zone of A’Duqm, which is a new step in cooperation and


He explained that the transformation of the Special Economic Zone

into a smart city will gain the Sultanate new experiences and open the

door to local and international companies, including Korean companies

as there may be similar initiatives for other economic projects in Sohar,

Salalah, Sur and others under design or implementation, such as Al

Irfan City in the Governorate of Muscat and the Logistic City “Khazaen”

in the Governorate of South Al Batinah.

For his part, Qais bin Mohammed al-Yousef, Chairman of Oman

Chamber of Commerce and Industry (OCCI), said “The statistics

indicate that the trade exchange between the two countries reached

RO 1 billion by the end of 2017. Omani imports from Korea represent

about RO 225 million and Omani exports amount to RO 844 million”.

He affirmed that there are still many opportunities that can be used in

the development of trade and investment exchanges between the two

friendly countries and that the two chambers of the two countries are

constantly seeking to intensify efforts to strengthen relations and trade

cooperation and find a mechanism to enhance the benefit of services

provided by trade chambers in both countries in a better and more

efficient manner.

Mohammed bin Salim al-Harthy, Sultanate’s Ambassador to the

Republic of Korea said in a statement: “The visit of the Korean

delegation comes within the framework of strengthening relations

between the two friendly countries and enhancing areas of

cooperation, expansion and deepening of broader horizons covering

various sectors and fields, including logistics, industries, Health,

medical care, tourism, education, research, development and


The “Omani-Korea Business Forum” organized by the Oman

Chamber of Commerce and Industry and its Korean counterpart sought

to introduce businessmen and businesswomen in the two countries to

investment opportunities and trade exchange in both sides, as well as

enhancing communication, building business relations and exploring

the possibility of strategic partnerships to increase investment and

business activities between the two countries.

During the forum, many video presentations were screened on the

most important sections of the current five-year plan and the

possibilities offered by the economic zones, free zones, ports and

airports and complementary services. The investment opportunities

were reviewed in the promising economic sectors in the Sultanate

especially in the fields of tourism, manufacturing, fisheries, Logistics,

auto parts industry, electronics industry, accessories and other fields.

The forum was attended by a number of ministers, undersecretaries,

officials and businessmen from both countries.

Korean companies participating in the forum are specialized in the

fields of engineering, construction, maritime trade, energy, heavy

industry, telecommunications, innovation and other fields.

Source: Oman News Agency