Korea seeks second 'Middle East boom' to revitalize economy
- 9 years ago
Korea is aiming to revitalize the economy by seeking a second "Middle East boom."
Following through her recent trip to the region,... the government announced plans today... to lay the groundwork for new business opportunities there.
And that includes an increase in financial support for local builders.
Hwang Ji-hye has the story.
Korea will funnel an extra 5 trillion won,... or roughly 4-and-a-half billion U.S. dollars, in funds... to support local construction companies seeking to win orders from the Middle East.
The announcement was made in a national trade and investment promotion meeting chaired by President Park Geun-hye on Thursday.
"We will work to ensure the president's Middle East trip early this month produces tangible results, like improving the profitability of local builders, by increasing financial support for them and helping them find new markets within the Middle East."
On the back of the new measure,... the government expects Korean companies will secure at least 70 billion in fresh orders this year... and 80 billion in 2017.
And to further boost efforts to ignite a so-called second "Middle East boom" to achieve growth,... the government pledged to drastically cut regulations... to lure investors in the resource-rich countries to Korea.
It also said... that it will continue to meet rising demand for halal foods,... the global market for which is expected to grow to over one-and-a-half trillion dollars in 2018,... taking up almost one-fifth of the global food and beverage market.
The government's drive to strengthen economic ties with the Middle East comes as Asia's fourth largest economy avidly looks for new growth engines.
Experts say... lots of business opportunities exist in the region,... as countries there try to build up their own economic and social infrastructures before... their energy reserves dry up in the coming decades.
Massive orders won by Korean companies in the 1970s and 80s created the first Middle East boom,... laying t
Following through her recent trip to the region,... the government announced plans today... to lay the groundwork for new business opportunities there.
And that includes an increase in financial support for local builders.
Hwang Ji-hye has the story.
Korea will funnel an extra 5 trillion won,... or roughly 4-and-a-half billion U.S. dollars, in funds... to support local construction companies seeking to win orders from the Middle East.
The announcement was made in a national trade and investment promotion meeting chaired by President Park Geun-hye on Thursday.
"We will work to ensure the president's Middle East trip early this month produces tangible results, like improving the profitability of local builders, by increasing financial support for them and helping them find new markets within the Middle East."
On the back of the new measure,... the government expects Korean companies will secure at least 70 billion in fresh orders this year... and 80 billion in 2017.
And to further boost efforts to ignite a so-called second "Middle East boom" to achieve growth,... the government pledged to drastically cut regulations... to lure investors in the resource-rich countries to Korea.
It also said... that it will continue to meet rising demand for halal foods,... the global market for which is expected to grow to over one-and-a-half trillion dollars in 2018,... taking up almost one-fifth of the global food and beverage market.
The government's drive to strengthen economic ties with the Middle East comes as Asia's fourth largest economy avidly looks for new growth engines.
Experts say... lots of business opportunities exist in the region,... as countries there try to build up their own economic and social infrastructures before... their energy reserves dry up in the coming decades.
Massive orders won by Korean companies in the 1970s and 80s created the first Middle East boom,... laying t