Korea-Qatar Leaders Agree to Upgrade Relations... Hyundai Heavy Secures 5 Trillion Won LNG Ship Contract (Comprehensive)

President Yoon's State Visit: Korea-Qatar Summit
Elevating Bilateral Ties to 'Comprehensive Strategic Partnership'
Strengthening Cooperation in LNG, Energy, Security, and Infrastructure
Signing 5 MOUs in Smart Farms, Construction, and Architecture Sectors

During his state visit to Qatar, President Yoon Suk-yeol held a summit with Emir Tamim bin Hamad Al Thani on the 25th (local time), elevating bilateral relations to a "comprehensive strategic partnership." Notably, on the occasion of this state visit, HD Hyundai Heavy Industries signed a contract with QatarEnergy to build 17 liquefied natural gas (LNG) carriers worth $3.9 billion (approximately 5 trillion KRW). This is the largest single contract in the history of the domestic shipbuilding industry. Furthermore, through this summit, the two leaders agreed to strengthen cooperation not only in LNG and energy but also in security and infrastructure sectors.

According to the Presidential Office, President Yoon and Emir Tamim achieved these outcomes through the summit and memorandum of understanding (MOU) signing ceremony held at the Amiri Diwan Palace. This summit was the first Korea-Qatar summit since President Yoon took office, and as the vehicle carrying President Yoon entered the entrance of the Amiri Diwan Palace, a mounted guard escorted and guided the vehicle.

Through this summit, the two leaders upgraded Korea-Qatar relations from the existing "comprehensive partnership" to a "comprehensive strategic partnership." As a foundation for a new leap in bilateral relations, the Presidential Office evaluated, "It was an opportunity to strengthen the trust and friendship between President Yoon and Emir Tamim, reflect on the achievements of the past 50 years of bilateral relations, and explore new directions for cooperation over the next 50 years." They agreed to expand communication channels in diplomacy and security and to enhance cooperation in defense and defense industry sectors based on the newly signed "Defense and Military Supplies Cooperation MOU."

[Image source=Yonhap News]

Above all, on the occasion of President Yoon's state visit, HD Hyundai Heavy Industries and the state-owned company QatarEnergy signed a contract to build 17 LNG carriers. The contract is worth $3.9 billion, approximately 5 trillion KRW, and the two leaders plan to expand bilateral cooperation in the LNG sector to include the entire upstream and downstream industries such as LNG carrier construction, operation, and maintenance.

Choi Sang-mok, Senior Secretary for Economic Affairs at the Presidential Office, said at the Doha Press Center, "HD Hyundai Heavy Industries has secured about six months' worth of work, and our companies' share of global LNG carrier orders this year will increase from the existing 74% to 81%." He added, "Currently, Hanwha Ocean and Samsung Heavy Industries are negotiating prices with Qatar for about 30 vessels, and we expect even greater achievements soon." President Yoon also requested Emir Tamim's interest and support for the bidding on the operation contract for 40 LNG carriers, in which Korean shipping companies are participating.

They also shared the recognition of the need to expand practical cooperation into various fields such as infrastructure, investment, agriculture, shipping, culture, human exchanges, and health. Korean companies are currently participating in 25 infrastructure projects in Qatar and are also pursuing additional participation in projects such as a $1.5 billion desalination combined power plant. Regarding this, Senior Secretary Choi conveyed, "President Yoon emphasized the experience and technology of our companies and requested Emir Tamim's special interest and support."

They held in-depth discussions on the Middle East regional situation and global issues. President Yoon expressed hope that Qatar, which plays a mediator role in the region, could contribute to easing regional tensions through communication with relevant parties, and emphasized that Korea would also play necessary roles and contributions in the process.

President Yoon requested Qatar's cooperation in the international community's firm response to North Korea's illegal nuclear and missile development. In response, Emir Tamim expressed support for Korea's policy on the Korean Peninsula.

After the summit, an MOU signing ceremony was held, where five MOUs were signed in the presence of President Yoon and Emir Tamim, covering smart farm cooperation, advanced technology cooperation in construction and architecture, national spatial information cooperation, cooperation in small and medium-sized ventures, and a trade and investment promotion framework.

The smart farm cooperation MOU was first signed in January 2019, but this time it included measures for smoother implementation and concrete outcomes. The main points include the establishment of a joint committee and regular meetings between the two countries. The advanced technology cooperation MOU in construction and architecture focuses on strengthening cooperation in future construction methods and technologies as well as sustainable construction and maintenance. The national spatial information cooperation MOU covers policy exchange, joint academic research, and technical cooperation in the field of national spatial information. The Presidential Office expects that combining advanced information technology with such spatial information will create new value in various ways in the future.

Kim Tae-hyo, First Deputy Director of the National Security Office, evaluated, "In line with the upgraded 'comprehensive strategic partnership,' strategic communication has been strengthened, and cooperation between the two countries has expanded into areas such as defense and defense industry." He added, "Bilateral cooperation, which had so far been centered on energy and construction, has entered a new phase encompassing the security sector."

[Image source=Yonhap News]

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