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S. Korea, Qatar Agree To Seek Joint Overseas Construction Projects

Mar 12, 2012
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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.


(Yonhap) cg