[Sponsored Report] As Kuwait celebrates, it sends Korea best wishes
Bilateral relations between Kuwait and South Korea have grown and expanded in various fields since official diplomatic relations between the two countries was established in June 1979.
Kuwait has maintained an especially close relationship with the Republic of Korea on the economic front. In 2010, bilateral trade volume reached $11.9 billion, proving that South Korea is one of Kuwait’s major trading partners.
Korean companies have succeeded in getting numerous bids worth billions of dollars in constructing oil infrastructure - which will become the main centers for oil - and expanding the oil-ports construction field.
These Korean companies have actually succeeded in a bid for an oil-gathering project in the Al-Ahmadi governorate and for expanding the Al-Ahmadi port.
In addition, back in Kuwait, a number of small, medium and large Korean companies are actively participating in key state-run projects.
South Korea, as one of the largest customers of Kuwait oil and oil products, imports more than 300,000 barrels a day from Kuwait.
In exchange, Kuwait oil-tanker companies have asked Daewoo Shipbuilding & Marine Engineering (DSME) to construct oil and gas tankers for Kuwait. Furthermore, Kuwait government and companies have ordered various construction projects through Korean companies such as SK and Hyundai Engineering & Construction.
The economic cooperation between the two countries is mutually beneficial and greatly contributes to the co-prosperity of Kuwait and South Korea.
In 2010, the two countries conducted numerous visits in various fields that contributed deeply to the development of bilateral relations. The Kuwaiti delegation from the ROK-Kuwait IT Cooperative Council visited Korea in February. And the Honorable Abdallah Yusif Al-Romi, vice speaker of Kuwait’s National Assembly and president of the Kuwait-Korea Parliamentarians’ Friendship Committee, visited Korea in April.
The Kuwait Red Palace Traditional Performance Group performed at the National Theater of Korea in May and the chairman of Arab Scout Parliamentary Union visited Korea in November to attend the 6th World Scout Parliamentary Union Meeting.
H.E. Abdul Mohsen Al-Mazidi, undersecretary of Kuwait’s Ministry of Communication also visited Korea to attend the 17th ITS World Congress Busan 2010.
Kuwaiti artists also participated in the Seoul International Art Festival Korea-Middle East held in November. The secretary general of Kuwait’s National Nuclear Energy Committee also visited Korea in December, among many other visits.
With regional cooperation in the Gulf region steadily enhanced, the Gulf Cooperation Council (GCC) composed of Kuwait, Bahrain, Oman, Qatar, Saudi Arabia and the U.A.E., hosted GCC Days in Seoul from Feb. 10-11 to help Koreans better understand the region.
This was the first GCC event in an Asian country and shows how close the relationship between the two regions has become.
With both Kuwait and Korea making great efforts for understanding, I’m sure that friendly relations between the two countries will continue to grow and prosper. I would like to express my sincere hope that the people and the government of the Republic of Korea continue to enjoy peace, stability and prosperity.
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