Korea, Kuwait discuss energy cooperation
Prime Minister Han Seung-soo and his Kuwaiti counterpart Sheikh Nasser Al-Mohammed Al-Ahmad Al-Sabah had a "very useful discussion" on the future economic cooperation of the two countries, especially in the field of energy, according to the prime minister's office.
Han told Sheikh Nasser that Korea hopes for more active cooperation with Arab countries, including Kuwait, on energy resources and expect substantial progress on cooperation in the fields of construction plants and other sectors based on mutual trust.
Prime Minister Sheikh Nasser also acknowledged the importance of strong economic ties, noting the fact Korea is currently the second-largest importer of crude oil from his country after Japan.
Ministers from the two countries, who also attended Wednesday's meeting, signed memoranda of understanding (MOUs) pledging cooperation in various areas of diplomacy, sports and environment.
Kuwait, one of Korea's most important trading partners among the 22 Arab member states, is active in developing industrial projects as well as social infrastructure such as oil fields, production plants, power generation and freshwater facilities.
The 22 Arab countries possess nearly 60 percent of the world's oil reserves and some 30 percent of liquefied natural gas reserves, according to Korean government statistics. They account for 70 percent of Seoul's crude oil imports and 48 percent of its natural gas imports.
The Kuwaiti prime minister, who is the first high-ranking official of his country to visit Seoul since the inauguration of Seoul's new leader, will also meet with President Lee Myung-bak during his three-day visit.
By Yoon Sojung
Korea.net Staff writer