MUSCAT: A South Korean multinational company is planning to build an automobile spare parts manufacturing project in Sohar to produce aluminium automobile wheels, a top-level official of South Korean Embassy here told Times of Oman.
Daesik Kim, Korea’s ambassador to Oman, said that the proposal for building the project was at an early stage of negotiation with Omani partners. “Korean companies are realising the importance of Oman as strategic location.”
Kim said that Korean companies in the recent past were mostly engaged in oil exploration field in Oman. Now they have interest in the manufacturing sector as Posco, a Korean firm, has already tied up with Sun Metal (a joint venture between Oman and Indian investors) for building a steel project in Sur.
Referring to bilateral trade between the two friendly countries, the ambassador said Korea imports are mainly liquefied natural gas (LNG) and crude oil. Korea imports $4 billion worth LNG from Oman and another $1 billion worth crude oil, taking the total import value to $5 billion a year. Korea’s exports to Oman mainly consist of automobiles and white goods, with a total value of around $1 billion. “LNG imports are on a long-term basis and the imports from Oman are likely to remain the same or decline this year due to a fall in energy prices in the international markets,” noted Kim.
Also, Korean firms are participating in construction projects in Oman – both in government and private projects.
Citing the best example of Oman-Korean partnership in developing Duqm Drydock, he said Korean firm Daewoo Shipbuilding & Marine Engineering’s participation in Duqm enables Oman to learn from Korean firm’s know-how and expertise. “This is a good example of transfer of expertise and know-how.” Both parties have a 10-year operation and management agreement to ensure complete organisation for talent, experience and technology to the benefit of Oman in the diversification of its economy.
Kim also said that his country has a close economic relation with Saudi Arabia and the United Arab Emirates. In the case of UAE, Korea has a close tie-up in healthcare sector.
He said that Omani youths can get training in Korea in various fields. When Korea started its economic development, the country depended on developed nations for know-how and transfer of technology.
And now, he said, Korean firms are known for its world-class technology in several industries, including ship-building, automobile, information technology and healthcare.
