South Korea and Qatar have agreed to seek joint construction projects in third
countries, by combining South Korea's building sector prowess with Qatar's large
national fund, Seoul's construction ministry said Monday.
The
agreement was reached at a meeting in Doha between Yousef Kamal, Qatar's
minister of economy and finance, and South Korea's Minister of Land, Transport
and Maritime Affairs Kwon Do-youp.
Under the agreement, Qatar will use
its sovereign wealth fund to help finance overseas construction projects secured
by South Korean companies.
In addition, the countries will seek to
create a separate joint fund of about US$85 billion to be invested in overseas
construction projects, according to the South Korean ministry.
"The
agreement will allow further participation by South Korean companies in large
infrastructure and plant construction projects in Asia and South America, using
vast sovereign wealth funds of the Middle East," Kwon was quoted as saying upon
signing the agreement in Qatar's capital.
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