{"id":2202372,"date":"2023-09-28T08:00:02","date_gmt":"2023-09-27T23:00:02","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202372"},"modified":"2023-09-27T18:04:44","modified_gmt":"2023-09-27T09:04:44","slug":"south-korea-qatar-supply-chain-agreement-could-boost-rok-industries","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/09\/south-korea-qatar-supply-chain-agreement-could-boost-rok-industries\/","title":{"rendered":"South Korea-Qatar supply chain agreement could boost ROK industries"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In a bid to fortify bilateral relations amidst global energy market uncertainties, South Korean industries minister Bang Moon-kyu and Qatari energy minister Saad Sherida Al-Kaabi <\/span><a href=\"https:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_cd_n=81&amp;cate_n=1&amp;bbs_seq_n=167887\"><span style=\"font-weight: 400;\">discussed<\/span><\/a><span style=\"font-weight: 400;\"> ways to bolster the energy and shipbuilding supply chain between the two nations, according to the ROK Ministry of Trade, Industry and Energy. Bilateral trade volume hit a record $17.1 billion in 2022. Qatar, previously South Korea\u2019s largest liquified natural gas (LNG) supplier, signed a deal last year for <\/span><a href=\"https:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_cd_n=81&amp;cate_n=1&amp;bbs_seq_n=167887\"><span style=\"font-weight: 400;\">54 LNG carriers<\/span><\/a><span style=\"font-weight: 400;\"> worth $11.58 billion and anticipates more contracts in the latter half of this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bang emphasized the long-standing trust between the two nations, underpinned by the steady supply of LNG. He proposed broadening cooperation to encompass other energy forms, such as hydrogen and renewable sources. Bang also highlighted potential additional contracts for LNG carriers and sought Qatar\u2019s engagement in large-scale energy projects involving Korean firms. The ministers wrapped up their meeting agreeing to explore future high-level exchanges and investments, especially in renewable energy distribution and the production of hydrogen and ammonia.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Even amid <\/span><a href=\"https:\/\/www.businesskorea.co.kr\/news\/articleView.html?idxno=200209\"><span style=\"font-weight: 400;\">reports<\/span><\/a><span style=\"font-weight: 400;\"> from Aug. 2023 indicating that South Korea\u2019s shipbuilding sector secured orders that would keep their docks busy for the next four years, South Korea has recently seen its <\/span><a href=\"https:\/\/pulsenews.co.kr\/view.php?sc=30800028&amp;year=2023&amp;no=516451\"><span style=\"font-weight: 400;\">dominance wane<\/span><\/a><span style=\"font-weight: 400;\"> in the global shipbuilding sector, with China pulling ahead in construction orders. Further, South Korean shipyards face operational hurdles, as a significant <\/span><a href=\"https:\/\/english.hani.co.kr\/arti\/english_edition\/e_business\/1050084.html\"><span style=\"font-weight: 400;\">labor shortage<\/span><\/a><span style=\"font-weight: 400;\"> has forced <\/span><a href=\"https:\/\/www.kedglobal.com\/shipping-shipbuilding\/newsView\/ked202306190005\"><span style=\"font-weight: 400;\">delays in delivering orders<\/span><\/a><span style=\"font-weight: 400;\"> to clients. In response, South Korean shipbuilders have become reliant on a vast pool of <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230830002700320\"><span style=\"font-weight: 400;\">over 8,000 foreign workers<\/span><\/a><span style=\"font-weight: 400;\"> to bridge this labor gap. While these overseas workers alleviate some of the immediate pressures, the dependency underscores deeper labor market issues within the nation\u2019s shipbuilding sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amid these challenges, the ROK is stepping in to throw its weight behind the industry. Finance Minister Choo Kyung-ho <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230904003000320\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> earlier this month that the government is prepared to provide \u201call-out support\u201d for the shipbuilding sector, signaling its strategic importance to the ROK\u2019s economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, these industry-specific challenges occur against a backdrop of broader economic pressures. In May 2023, the South Korean government, grappling with soaring global energy costs and mounting financial losses from state utility firms, made the decision to <\/span><a href=\"https:\/\/koreapro.org\/2023\/05\/south-korea-to-raise-power-and-gas-rates-by-5-3-amid-high-costs\/\"><span style=\"font-weight: 400;\">hike electricity rates and gas prices<\/span><\/a><span style=\"font-weight: 400;\"> by 5.3% for the second quarter. This increase could further strain the shipbuilding industry, elevating operational costs in an already competitive industry. The South Korea-Qatar ministerial meeting, focusing heavily on energy and shipbuilding, could alleviate Seoul\u2019s needs going forward.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>In a bid to fortify bilateral relations amidst global energy market uncertainties, South Korean industries minister Bang Moon-kyu and Qatari energy minister Saad Sherida Al-Kaabi discussed ways to bolster the energy and shipbuilding supply chain between the two nations, according to the ROK Ministry of Trade, Industry and Energy. Bilateral trade volume hit a record [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2202372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea-Qatar supply chain agreement could boost ROK industries - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/09\/south-korea-qatar-supply-chain-agreement-could-boost-rok-industries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea-Qatar supply chain agreement could boost ROK industries - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"In a bid to fortify bilateral relations amidst global energy market uncertainties, South Korean industries minister Bang Moon-kyu and Qatari energy minister Saad Sherida Al-Kaabi discussed ways to bolster the energy and shipbuilding supply chain between the two nations, according to the ROK Ministry of Trade, Industry and Energy. 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