Political and economic relations between the Sultanate of Oman and the Republic of Korea are witnessing significant growth at all levels, as these relations have expanded over the past fifty years and have witnessed many positive developments in terms of the number of visits by officials in government institutions, the private sector and civil society. This was evident during the annual celebration of the Korean Embassy in Muscat recently on the occasion of the National Day and the Korean Armed Forces Day.
From this standpoint, Ambassador Kiejoo Kim, Ambassador of the Republic of Korea to the Sultanate of Oman, stressed in his speech the importance of the 50th anniversary of diplomatic relations between the two countries, explaining that this anniversary represents a turning point in the long-standing partnership that has flourished over the past five decades on three strong pillars. The first pillar is the extended partnership in political, defence and security cooperation, which helps to strengthen the commitment to peace and prosperity between the two countries, resulting in strengthening exchanges and high-level official visits as well as diplomatic relations that have been strengthened in international forums and United Nations institutions.
Everyone is aware that the two countries work closely to contribute to regional and international peace and stability. This is represented in maintaining maritime security, given that the two countries are located on the sea, while Korea appreciates the steadfast support provided by the Omani government to the Korean naval unit in maintaining maritime security in this region.
The second pillar is related to the economic and trade relations between the two countries, which have witnessed significant development and growth, so that Korea has become today one of the largest major trading partners of the Sultanate of Oman. The figures presented by the Korean ambassador indicate that the volume of bilateral trade between the two countries is large and reached $5.8 billion in 2023, which means the depth of vibrant trade and economic relations between the two countries, while Korean companies are working to increase their cooperation with Omani partners and provide them with the advanced technologies they need in the fields of automobiles, electrical, electronics and other sectors. Today, this economic partnership between Oman and Korea is directed towards pushing future-oriented initiatives, including the green hydrogen industry and renewable energy, in close line with Oman Vision 2040.
As for the third pillar, it aims to deepen the cultural, educational and social fields by enhancing mutual understanding between the two peoples, increasing educational exchanges and providing global scholarships, in addition to enhancing cultural and sports exchanges within the friendship between the two peoples.
These existing relations between the two countries are expected to deepen further in the coming years within the framework of the directions drawn by the governments of the two countries, whether in the field of official relations with government institutions or the private sector, which enhances exchanges at the level of officials and representatives of the private sector and civil society in the coming years.
We have to benefit from South Korea in many economic and social sectors, as Bloomberg data places this country as the 12th largest economy in the world, surpassing both Australia and Mexico. This progress is based on a 2023 GDP equivalent to $1.84 trillion based on last year’s exchange rate, which highlights South Korea’s important role in the global economic scene.
HAIDER AL LAWATI
The author is a Muscat-based economic analyst who previously worked for CBO and OCCI
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