KUWAIT CITY: President Park Geun-hye requested the Kuwaiti emir to provide more opportunities for Korean firms eyeing massive infrastructure pushed by the Gulf nation, and agreed to expand cooperation in renewable energy, medical services and information technology.
Park and the emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, in their summit talks oversaw the signing of three memorandums of understanding aimed at expanding exchanges of medical professionals and the development of a railway linking Kuwait with other Gulf nations.
The two sides also agreed to exempt entry visa issuance of South Korean diplomats and officials to the oil-rich nation.
On security issues, the leaders agreed to work toward peace on Korean Peninsula as well as stability in the Middle East.
Park also secured Kuwait’s support for her North Korea policies during the summit. Kuwait is the only Gulf nation in which a North Korean embassy is stationed, with around 4,000 North Koreans being registered as laborers at construction sites. However, Kuwait — the rotating chair of the Gulf Cooperation Council, a regional economic union of Arab states — has been urging North Korea to abandon its nuclear ambition.
Park arrived in Kuwait on Sunday (local time) for the first leg of her four-nation trip to the Middle East. Her trip is aimed at forging fresh strategic ties in the region amid falling oil prices and South Korea’s slowing economy. Park is the first South Korean president to visit Kuwait in eight years.
Prior to her meeting with the emir of Kuwait, Park held separate talks with parliament speaker Marzouq Al-Ghanim and Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah. Her meeting with speaker Al-Ghanim was crucial as the parliament exerts significant influence in state-led construction projects, according to the presidential office.
Taking advantage of the summit, the two sides agreed to build a model town in the Gulf nation operated by a smart grid system, one of South Korea’s leading technologies for sustainable energy. The two also agreed to strengthen cooperation in the medical sector by encouraging Kuwaiti patients and doctors to experience the South Korea’s advanced medical technology.
Park’s summit with the Kuwaiti leader was expected to offer fresh business opportunities for South Korean firms. They are hoping to take part in $44.3 billion worth of construction projects expected in the world’s sixth-largest oil producer, officials said.
The Mideast state, with a population of 4.12 million, plans to build an inner city metro system as well as a nationwide railway connecting to five other Gulf nations. The project is expected to cost $23.8 billion. Kuwait also plans to build a new oil refinery worth $14 billion, officials said.
The president is joined by the largest-ever business delegation to join a presidential trip, comprising 116 representatives of public and private firms. The massive participation of Korean companies reflects the significance of her trip, which comes as the Gulf nations are attempting to diversify their business portfolios to prepare for the post-oil era, the presidential office said.
