International Seminar on Industrial Diversification of GCC and Partnership with Korea
|Presenter||Dr. Dong-Joo Joo||Date||2013.12.18|
The Korea Institute for Industrial Economics and Trade (KIET) cordially invites you to the Seminar entitled “Industrial Diversification of GCC and Partnership with Korea”. The Gulf Organization for Industrial Consulting (GOIC) and the Korea-Arab Society are co-hosting this event with the sponsorship of the Korean Ministry of Industry, Trade and Energy (MOTIE).
The GCC (Gulf Cooperation Council) is a cooperative organization of six Arab oil exporting countries in the Middle East. The member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates. These countries are all energy resource-rich countries, holding 40% of the world proven oil reserves and 25% natural gas reserves, and enjoying high-income status thanks to the exports of those rich resources.
During the last several decades, these countries have endeavored to diversify their economic structures, which are heavily dependent on energy resources. Their efforts on industrial diversification began from the energy downstream sectors such as refining and petrochemicals. Recently, they have been focusing more on the development of Knowledge-based industries, including IT, healthcare, education, tourism, finance, etc.
Korea, in the meantime, has transformed from one of the poorest countries in the world without any industrial basis to one of the strongest industrial state, leading global production in major industrial sectors, such as IT, electronics, shipbuilding, steel, automobiles, petrochemicals, etc. Korea’s exports recorded 552.6 billon dollars in 2011, which ranked 7th in the world, and 99% of those exports were made from manufacturing industries.
Korea and the GCC countries have distinctly complementary economic structures and desires. Korea import energy resources and has the experiences of successful industrialization. ’The GCC countries export energy resources and wish to realize industrial development. Helped by these complementary economic structures, economic cooperation between the two sides has been significantly expanded.
The KIET and GOIC were established in the same year of 1976, and both organizations have played important roles in their industrial developments. The Korea-Arab Society was established in 2008 to promote friendly relationships between Korea and Arab states. These organizations are now jointly holding this seminar to discuss the direction of industrial diversification of the GCC and industrial cooperation with Korea.
I sincerely wish to share the joy of experiencing the intellectual partnership between the renowned experts of Korea and the Arab states, to discuss and share their knowledge and visions for the advanced well-being of their countries through the productive combination of industry and resources. Thank you very much!
Dr. DoHoon Kim, President of KIET