According to Yonhap News,

(KUWAIT CITY=Yonhap News) Kuwait's emir voiced expectations that South Korean companies will actively participate in projects in his Gulf state, South Korea's presidential office said Monday, a move that could help South Korean firms secure industrial and infrastructure projects in the oil-rich country.

Sheikh Sabah Al Ahmad Al Sabah made the comment in a meeting with South Korean President Park Geun-hye at Bayan Palace, noting that South Korean companies have the reputation of getting things done no matter what, according to the presidential office.

His comments came after Park sought the emir's interest and assistance to ensure that South Korean companies can participate in building infrastructure in Kuwait. Last year, South Korean companies secured deals worth about US$7.8 billion in Kuwait, the third largest market for South Korean builders. For decades, oil-rich Middle Eastern countries have been a major source of revenue for South Korean builders.

Middle East countries are seeking to diversify their economic portfolios ahead of the inevitable advent of a post-oil era. A plunge in oil prices in recent months has also highlighted the need to diversify the economy that is heavily dependent on oil.

South Korea imported 1.46 million barrels of crude oil from Kuwait last year, accounting for about 15 percent of South Korea's total imports.

Park proposed that South Korea and Kuwait explore cooperation in information and communication technology, health care, transportation in addition to energy and construction.

The emir said he expects Park's visit to serve as an occasion to further facilitate cooperation between the two countries and between Kuwait and South Korean companies.

Park and the emir also observed the signing of a memorandum of understanding (MOU) on cooperation in the health care sector, a move Seoul says could help South Korea provide medical service and training to Kuwait.

About 3,000 Kuwaitis go abroad every year for medical treatments, costing some US$500 million, according to Park's office.

Health care has emerged as a new promising area of cooperation between South Korea and Middle East countries.

Last month, a specialist hospital managed by Seoul National University Hospital, one of South Korea's top medical centers, opened in the UAE.

The opening ceremony of the Sheikh Khalifa Specialist Hospital came eight months after the South Korean hospital was selected as the consignment manager of the largest specialist hospital in the Middle East for five years.

It marked the first time that a South Korean hospital has won a consignment contract with a foreign hospital.

Another MOU signed between South Korea and Kuwait calls for cooperation in transportation sector, a move Seoul says could help South Korean companies secure a metro rail project.

Also Monday, Park told the emir that South Korea will actively participate in the third international aid pledging conference for Syria to be hosted by Kuwait in March. Park also said South Korea will make contributions, though she did not elaborate.

South Korea will pledge more than US$5 million at the donors conference -- an amount pledged by Seoul during the second donors conference in 2014, Ju Chul-ki, senior presidential secretary for foreign affairs, said in a brief comment to Yonhap News Agency.

Kuwait hosted two previous conferences in 2013 and 2014, which raised $3.9 billion in aid pledges.

Last year, South Korea pledged $5 million in the second aid pledging conference. The conference is meant to help millions of Syrians who were displaced by the four-year-long civil war.

entropy@yna.co.kr

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Source: Yonhap News (March 02, 2015)