South Korea is seeking to promote economic ties with Kuwait to the level of energy cooperation, visiting Minister of Trade, Industry and Energy Yoon Sang-jick has said. Kuwait is the second biggest exporter of oil to Korea.
Bilateral trade hit $19 billion in 2014, Minister Yoon told KUNA on the sidelines of the South Korea-Kuwait Business Partnership 2015 forum on Monday.
South Korea is working on enhancing cooperation in vital sectors like construction, healthcare, industry and electricity, Yoon added.
According to the South Korean Minister, there are wide opportunities to push bilateral economic relations to new horizons through cooperation between Kuwaiti and Korean firms.
A host of agreements to be signed with the Kuwaiti bodies, such as Kuwait Petroleum Corporation and the Kuwait Institute for Scientific Research are likely to serve the purpose, he noted.
Up to 100 South Korean companies are operating in Kuwait covering various sectors, like construction, energy and infrastructure, and the current Business Partnership is likely to encourage more of them, the Minister said.
Yoon expected the meeting between His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Korean President Park Geun-hye would open up fresh prospects for bilateral economic and trade ties.
On the Korean economy, the Minister said it is expected to grow by 3.7% in 2015.
Representatives of 28 Korean companies are taking part in South Korea-Kuwait Business Partnership 2015 forum that witnessed discussions and bilateral meetings that mainly covered energy and healthcare sectors.