Muscat: The volume of trade between the Sultanate of Oman and South Korea reached $6 billion in 2013, according to an announcement made at the Omani-Korean Economic Forum, on Sunday.
Jae-do Moon, vice minister of trade, industry and energy, and head of the Korean delegation in the Omani-Korean Joint Committee, said, "The deep, bilateral relations binding the two countries has led to the increased economic cooperation."
Stressing that trade relations between the two countries witnessed immense development in terms of volume of trade over the past years, Dr. Abdulmalik bin Abdullah Al Hinai, adviser to the finance ministry and head of the Omani side in the Joint Committee, said, "The Sultanate's exports to South Korea increased from OMR842 million in 2001 to OMR1,765 million in 2013 while Omani imports from South Korea hit OMR369 million in 2013 from OMR72 million in 2001.
He pointed out that the Korean trade delegation, which included many businessmen, is a sign of the seriousness of the Korean side in investing in various economic sectors and services in Oman.
Jae-do Moon said that the convening of the Omani-Korean Economic Forum in Muscat comes even as the two countries celebrate the 40th anniversary of the establishment of diplomatic relations, which began in 1974.
He added that the Sultanate contributed significantly to the growth of the Korean economy while Korea participated in major projects in Oman, such as petrochemical, energy-related projects and building ships, which contributed to economic development and diversification of industries.
On Sunday, Mohammed bin Salim Al Harthy, Oman's ambassador to the Republic of Korea said that the forum aims at exploring investment opportunities between the two sides and the exchanging views and experiences between Omani businessmen and their Korean counterparts.
Working papers were presented by the Omani and Korean sides that touched upon the future of Omani-Korean cooperation in the renewable energy sector.
Sayyid Badr meets delegation
Sayyid Badr bin Hamad bin Hamoud Al Busaidi, secretary general in the foreign ministry met with Jae-do Moon in on Monday.
The meeting reviewed the results of the committee's work and the bilateral co-operation in the economic, scientific and cultural fields along with the means of promoting them, as well as exchanging viewpoints on matters of concern to the two friendly countries.
The meeting was attended by Kim Daesik, Korean ambassador to the Sultanate and the delegation accompanying the guests while it was attended from the Omani side by Mohammed bin Salim Al Harthy and others.