The economic relation between South Korea and Kuwait is excellent and continuously progressing, Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah said here Thursday.
Delivering a speech at the Korea and GCC business partnership forum, Sheikh Dr. Mohammad; former Deputy Prime Minister and Minister of Foreign Affair, said that both Kuwait and South Korea were eager to further expand their political and economic relations, affirming that the forum represented a chance to carry out such policies.
Sheikh Mohammad said that Kuwaiti exports to South Korea, mainly oil, have jumped to 70 percent in the last two years, noting that Korea was an integral partner in Kuwait development program.
South Korea helped in setting the building blocks for the containers port project at Mubarak seaport in Bubiyan Island, a project costing around USD 1.13 billion, said Sheikh Mohammad.
He added that the Asian nation also assisted in the USD 2.5 billion Sheikh Jaber causeway/bridge project that will link Kuwait City to Subiya area north of the country.
In regards to GCC-Korean relations, Sheikh Mohammad said that commercial exchange have reached over USD 120 billion in 2013, a huge leap from 2001's USD 24 billion.
He affirmed that the GCC nations and South Korea were willing to explore more opportunities to boost relations, noting that Korea had been a key player in several multi-billion projects in the UAE, Oman, and Qatar.
Sheikh Mohammad arrived in South Korea yesterday to partake in the forum. He met with Foreign Minister Yun-Byung-Se, discussing with him a number of issues pertaining to GCC-South Korean relations