Wednesday 27 / November / 2024
Muscat: Having shared decades long, mutually beneficial relationships in the critical field of energy, the Sultanate of Oman and the Republic of Korea are now well-positioned to support each other in their joint transition to a greener, sustainable energy future, says South Korean Ambassador Kim Kiejoo.
Speaking exclusively to The Times of Oman, Ambassador Kim noted that burgeoning economic relations between the two countries, anchored by longstanding energy cooperation, have paved the way for a new phase of robust growth centring on clean energy, among other areas of mutual interest.
Ambassador Kim’s comments came ahead of the 50th anniversary of the establishment of diplomatic relations between the two countries – a milestone that will be celebrated in 2024.
“I feel proud and privileged to witness the ever-growing partnership between Oman and Korea, which I now wish to take a higher plane going forward,” he said. “It has been a long standing partnership, which started in 1974, the anniversary milestone of which will be celebrated next year. Our bilateral relationship is broad-based and encompasses a variety of sectors and elements, first and foremost, being political relations, which are very strong.”
Voicing his admiration for Oman as an ardent advocate of peace, Ambassador Kim added: “We appreciate the role of Oman in ensuring and contributing to higher levels of peace and stability in this region and beyond.”
Korea, for its part, has also been a keen champion of peace, he stated. “Korea has been pursuing various initiatives at the international level to contribute to peace and security, as well as prosperity in the world.”
Expanding economic relations
A standout feature of Oman-Korea bilateral ties has been the economic component, according to the official. Two-way trade climbed to US$5.66 billion in value in 2022, with Korea ranked among the major trade partners of Oman. Significantly, trade is beneficial to both sides – a mutuality that is the hallmark of the relationship, he said.
LNG supplies from Oman LNG currently account for around 10 percent of Korea’s annual consumption of this fuel, said Ambassador Kim, noting that Korean companies have been important offtakers of Oman LNG for around two decades.
Recalling this landmark relationship between Korea and Oman LNG, he explained. “We committed to the first ever offtake agreement of LNG from Oman LNG – a move that attracted a great deal of international exposure to the project, further helping with international assistance and financing facilities too. Thus, in everything that we did, we did it for the mutual benefit of our two countries.”
Going forward, this relationship has the potential to evolve beyond conventional energy into the post-hydrocarbon era into the realm of decarbonisation and the energy transition, said the Ambassador.
In particular, he voiced praise for Oman’s Vision 2040 which, among other objectives, places a great deal of emphasis on the development of a green hydrogen industry to help Oman achieve its Net Zero goal by 2050.
This commitment was strongly welcomed by international partners, including Korea, the Ambassador said.
“Korea is also committed to this same goal of achieving Net Zero by 2050. As we heavily depend on hydrocarbon energy sources to power our manufacturing-based economy, we are now moving towards an economy with a lower carbon footprint based on greener energy sources. We also have a priority to introduce hydrogen and other energy sources with minimal or zero carbon emissions.”
He stressed in this regard the need for the two countries to “synergise our partnership to our mutual benefit in advancing this very important emerging sector”, notably by capitalising on the strong commitment of the two countries’ leaderships to forge a “future-oriented” partnership.
“Indeed, cooperation in the field of green hydrogen and the hydrogen economy in general are a very strong testament to this advancing partnership,” he stated, recalling in this regard the hosting of a Korea-Oman Green Hydrogen Strategic Forum as part of the Green Hydrogen Summit Oman last December. That forum, the Ambassador said, reflected Korea’s commitment to work in synergy with Oman’s own energy transition.
Ambassador Kim underlined Korea’s technological progress that could be suitably leveraged to support Oman on its energy transition journey. This could be achieved through a partnership to enable, for example, the exchange of Korean technological expertise and vast experience. To this end, relevant government agencies on the two sides are engaging intensively for establishing a framework to partner across a broad spectrum of objectives related to the energy transition, including e-mobility, electric vehicles, hydrogen-powered vehicles and transportation in general. This framework, he said, will be underpinned by a commitment to ensuring mutual benefits accruing to the two countries.
Additionally, Korea will remain engaged with Oman in supporting Oman’s advancing its ambitions in the fields of Artificial Intelligence Technology and Digital Transformation.
Thus, while trade and economic exchange will remain a dominant component of bilateral ties, Korea is also keen to build on historical relations between the two countries dating back several centuries, said the Ambassador. Maritime trade between the two countries has been known to exist and could serve as a foundation for enhanced linkages between the two peoples, he said.
“Nowadays, we have an increasing level of people-to-people exchanges. Further, my government, like other countries, is sincerely pushing forward with public diplomacy notably by having cultural exchanges that can reinforce mutual understanding and affinity. Culturally, there is a lot of affinity and semblance between the two people.”
Cultural ties are poised for a major boost as Oman prepares to host the highly anticipated Korean-boy band B.I.G (Boys In Groove) who are scheduled to perform in Muscat on 9th June 2023 at the Madinat Al Irfan Theatre at the OCEC (Oman Convention and Exhibition Centre).
Korean K-Pop music is hugely popular in Oman, particularly among young Omanis with Korean boy bands enjoying a large fan base here.
Helping strengthen cultural ties from the Korean side are various sporting activities as well as the traditional Korean martial art of Taekwondo, which is making steady inroads into Oman among fitness enthusiasts.
Ambassador Kim also underlined the potential for tourism to bolster cultural and people-to-people relations between the two countries. Oman, with its abundance of stunning cultural, historical and natural landmarks, has the potential to attract more Koreans once direct flights are introduced. Korea, for its part, has extended visa-free travel to Omanis looking to visit Korea for business or tourism, he added.
