In an interview with The Korea Times, Koo Hyun-mo, the Korean ambassador to Bahrain, talked about the bilateral relationships and the opportunities for cooperation in the future.
Bahrain and South Korea established their diplomatic relationship in 1976. Since then, Bahrain has become ”a gateway to the Gulf” for Korea as the national air carrier between Seoul and Manama was the first and the only one connecting South Korea with the GCC region. As many as 200,000 Korean construction workers came to the Middle East in the late 70s to build bridges, ports, and roads.
Since then both countries have deepened their relationship especially in the field of engineering and construction. Ambassador Koo commented that the Koreans constructed some of the landmark buildings in Manama such as the Diplomat Hotel and the office buildings of the Bahrain Authority for Culture and Antiquities.
Currently, Seoul and Manama work together in many sectors, among which the infrastructure construction to health, information and communication technology, and defense industries. The Korean GS Engineering & Construction is now working on the liquefied natural gas terminal in Bahrain. In addition to that, four Korean companies have participated in the tender for the US$ 5 billion project to expand Bahrain Petroleum Company’s capacity by 100,000 barrels a day, from 270,000 to 380,000.
Nowadays, the bilateral relationship between Manama and Seoul are transforming in the light of Bahrain’s Economic Vision 2030 initiative and the Kingdom’s plans to become a knowledge-based company. For instance, Bahrain recently paid 15.5 billion won to purchase the world-famous health insurance review system. Its implementation would prevent the excessive health insurance claims in the Kingdom. In addition to that, Bahraini people interested in the Korean language would be able to attend classes at the University of Bahrain and Ahlia University. Both countries also inked a MoU for developing together digital content and mobile game content.
The Economic Development Board of Bahrain opened its Seoul branch in July this year to attract Korean investments on the spot and to prove governments’ efforts to transform Bahrain into a post-oil economy. The ambassador explained that the lack of corporate and another type of taxes, as well as the permission to fully own a foreign business, make Bahrain an investment-friendly country.
In addition to that, its proximity to Saudi Arabia gives investors access to one of the largest markets in the Middle East. All the economic benefits aside, the Ambassador pointed out that the most attractive factor for companies to consider Bahrain is its people:
Above all, the reason why Bahrain is attractive for expats and foreign companies is the people of the country are so friendly to foreigners and have the mindset of working hard.
According to Ambassador Koo, the bilateral agreement would expand in the field of medical tour programs to Korea. Both countries also consider resuming the direct flights between Manama and Seoul which were halted in the 80s when the construction demand in the Middle East decreased.
Read the whole interview here.