Bilateral trade now at $5.7bn

MUSCAT — His Majesty Sultan Qaboos gave an audience at Bait al Baraka yesterday to Kim Hwang-sik, Prime Minister of South Korea.

His Majesty and the South Korean premier discussed various aspects of bilateral relations and co-operation between the two countries.

The ties between the two countries have particularly witnessed rapid development in the economic field. Since the early 80s, a number of Korean companies have actively participated in major construction projects in Muscat, Salalah, Sohar and Barka. At the same time, Oman has been exporting a large quantity of LNG (liquefied natural gas) and crude oil to Korea.

The trade exchange between the Sultanate and Korea soared three folds from $2 billion in 2004 to $5.7 billion in 2011.

Referring to this significant development, Kim Hwang-sik said in comments here yesterday that Oman-korea economic partnership is witnessing continuous growth. He also vowed his country’s support to the Sultanate, not only in developing its economy, but in energy and industry, including co-operation for the peaceful use of nuclear power and technology.

The South Korean premier hailed the wise vision of His Majesty Sultan Qaboos whose leadership helped achieve modernisation while at the same time safeguarding the country’s heritage, cultural identity and natural resources.

Kim Hwang-sik also hailed the Sultanate’s political stability and human resources development achievements, noting that Oman ranked first in HRD in 2010 in the UN report.

The Korean premier valued the Sultanate’s rescue of the Korean vessel Samu Golri from pirates in January last year and expressed the gratitude of the Korean government and people for the humanitarian assistance. He hoped the ties of friendship and co-operation will continue to grow.