S. Korea, Oman ink deal on smart city project
South Korea and Oman clinched
a preliminary deal Wednesday to cooperate in building a smart city at a special
economic zone in the Gulf country, a move that could help Korean firms'
participation in development projects.
The deal calls for Seoul to
share its experience and know-how with Muscat in setting up the smart city at
the economic zone in Duqm, a port town in the country's central-eastern area.
The move is expected to help
Korean firms enter the Middle East country's smart city-related sectors,
including public safety, water management and information and communication
networks, government officials said.
South Korea's vice land
minister Son Byeong-suk and Oman's commerce minister Ali bin Masoud Al Sunaidy
signed the memorandum of understanding at a business forum in Oman in the event
of Prime Minister Lee Nak-yon's visit.
This photo, taken on July 25,
2018, shows South Korea's vice land minister Son Byeong-suk (L) and Oman's
commerce minister Ali bin Masoud Al Sunaidy signing a preliminary deal to build
a smart city in a special economic zone in the Gulf country. (Yonhap) This
photo, taken on July 25, 2018, shows South Korea's vice land minister Son
Byeong-suk (L) and Oman's commerce minister Ali bin Masoud Al Sunaidy signing a
preliminary deal to build a smart city in a special economic zone in the Gulf
country. (Yonhap)
Oman is the third and final
leg of Lee's weeklong trip to Africa and the Middle East that included stops in
Kenya and Tanzania. The main purpose of his trip is to bolster economic and
business ties with the countries.
The special economic zone in
Duqm is being developed to diversify Oman's national economy. It houses eight
main areas, including a port, an oil refinery and the residential, commercial
and tourism area, according to the website of Duqm Special Economic Zone
Authority.
The deal was widely expected
to be inked in September, but the schedule was advanced as Oman's deputy prime
minister for external relations proposed an early contract signing during Lee's
trip.
"The two countries have
developed cooperation in the energy sector. South Korea hopes to join Oman's
long-term national development projects," Lee said after holding a meeting
with Asa'ad bin Tariq Al Said, Oman's deputy prime minister.
"In particular, we hope
that South Korea can become the main partner in developing the special economic
zone in Duqm," he said.
The prime minister voiced hope
that South Korean firms can participate in projects in many areas, including
the petrochemical industry, electricity and smart cities.
Lee said that Oman has three
competitive edges in drawing foreign investment, citing its political
stability, geopolitical location and simple processes for customs clearance.
In response, Oman's deputy
prime minister said that Sultan Qaboos bin Said Al Said has raised the need to
consider giving South Korean firms priority in joining development projects in
Oman.
