Korea firms to focus on investment in Duqm

Muscat – Oman and Korea have signed a Memorandum of Understanding (MoU) on the development of smart cities, including in the Duqm Special Economic Zone.

Speaking at the Oman Korea business forum, Lee Nak-yon, Prime Minister of the Republic of Korea, “We are pleased to exchange our experiences in the use of advanced technlogies in the field of medical care and social insurance.”

He urged the Korean companies to participate in the Oman 2040 programme and invest in the Duqm Special Economic Zone and assured all support from the Korean government in cooperation with the Oman counterpart.

Lee Nak-yon said since the late 20th century, economic cooperation between Oman and Korea have been increasing with both countries seeking to develop their respective economies.

Qais Mohammed al Yusuf , president of Oman Chamber of Commerce and Industry (OCCI) said that the trade between two countries reached over RO1 billion towards the end of 2017, with Omani imports from Korea accounting for approximately RO225 million, and Omani exports to Korea representing RO844 million.

He urged Omani private sector to identify closely work with the Korean companies, representing various sectors such as engineering and construction , maritime trade, energy, heavy industries and telecommunications among others.

Yusuf  wanted the Korean delegation to identify the promising economic sectors in the Sultanate, including tourism, manufacturing, fisheries, mining and logistics, automobile spare parts and electronics manufacturing .