[Sponsored Report] National day and Korea ties celebrated
Bilateral relations between Kuwait and Korea have grown and expanded since official diplomatic relations were established in June 1979.
In particular Kuwait has maintained a close relationship with the Republic of Korea on the economic front. In 2011, bilateral trade volume reached $16.3 billion, an increase of 36 percent from the previous year, proving that Korea is one of the major trading partners to Kuwait.
Korean companies have succeeded in winning numerous bids worth billions of dollars to construct oil industry infrastructure. These Korean companies have also succeeded in a bid for a project regarding oil gathering in Al-Ahmadi governorate worth $2.85 billion and a project for expanding Al-Ahmadi port worth $850 million. In addition, back in Kuwait, a number of Korean companies are actively participating in key state-run projects.
Korea, as one of the largest customers of Kuwaiti oil and oil products, imported more than 104 million barrel of crude oil, making Kuwait Korea’s 2nd largest crude oil importer. In exchange, Kuwaiti oil tanker companies have placed orders with Daewoo Shipbuilding & Marine Engineering (DSME) to construct oil and gas tankers.
His Highness Sheikh Ahmed Al-Fahad Al-Ahmed Al-Sabah, president of the Olympic Council of Asia paid an official visit to the Republic of Korea on November 2011, a delegation from the Kuwait Fire Service Directorate led by Gen. Jassim Al Mansouri attended the naming ceremony for a fire fighting boat on March 7 last year, and another delegation from the Ministry of Justice headed by Acting Attorney General H.E Darrar Al-Assousi represented the State of Kuwait at the Fourth World Summit of Prosecutors General.
The State of Kuwait had the honor of participating in the Eighth Korea-Middle East Cooperation Forum which was held on Jeju Island in October last year. The main theme was “Strengthening the Korea-GCC Relationship in a Time of Change.”
On the other hand, Minister of Land, Transport and Maritime Affairs Mr. Kwon Do-youb paid a visit to the State of Kuwait in which he met with the Kuwait Prime Minister and Defense Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah and discussed bilateral cooperation and issues of mutual interest.
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.
by H.E. Muteb Al-Mutoteh
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