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Qatar-Korea trade surges to over $17bln: Ambassador

Doha, Qatar: As Qatar and Korea mark their 50th anniversary of diplomatic ties this year, Ambassador of Korea to Qatar, H E Joon-Ho Lee stressed that the economic cooperation between the two nations has been crucial, particularly in the energy and construction sectors.

Speaking at a recent event show-casing Korea’s traditional music, Gugak, Ambassador Lee highlighted the growth in trade volume over the past five decades. He noted that trade volumes surged from a modest $4m in 1974 to an impressive $17.1bn in 2022, reflecting the robust economic partnership between the two countries.

Ambassador Lee underscored Qatar’s significance as a key supplier of energy to Korea. He also lauded Korea’s participation in over 130 landmark construction projects in Qatar, contributing to the modern skyline of Doha. “From the Sheraton Resort and Convention Hotel in 1979 to the recent completion of the Lusail Highway are benchmarks of our cooperative ambitions.

“The envoy moreover highlighted the frequent high-level visits between Qatar and Korea, including the recent visit of Korean President, H E President Yoon Suk Yeol last year. He also noted that Qatar and Korea established a significant landmark in 2007 - a comprehensive partnership, and stressed that “our relations boosted once more last year, to a comprehensive strategic partnership.”

The envoy also touched on the cultural aspects of both countries. “Korea and Qatar are both powerhouses of culture. While upholding tradition, we have blended modern trends to take the lead in the global cultural market. Korea’s K-Pop and Korean dramas have won hearts worldwide, while Qatar has successfully established itself as the urban centre of sports and culture.”

Meanwhile, in line with the anniversary celebrations, the “Korea Tourism, Culture & Medical Festival” took place at the Mall of Qatar over the weekend, attracting hundreds of attendees. The event featured K-Pop performances, Korean cuisine, and Korean tourism and medical services, with the participation of 35 entities ranging from travel agencies to medical tourism providers.

Korea Tourism Organisation (KTO) Executive Vice President, Hakju Lee highlighted the event’s aim to bolster tourism exchanges between Qatar and Korea, showcasing the diverse attractions of Korean tourism under the theme “Korea Tourism, All in One.”

In a statement, Lee noted a significant resurgence in Qatari inbound tourism to South Korea, with visitor numbers surpassing pre-pandemic levels. He cited a 43% increase in visitors from Qatar in 2022 compared to pre-pandemic levels, reaching approximately 87% of the demand seen in 2019, indicating a rapid rebound in the Qatari inbound market.

“This figure significantly exceeds the overall recovery rate of 63% for inbound tourism in 2023, indicating a rapid rebound in the Qatari inbound market,” he said.