Mar. 19--AMMAN -- The government is currently in talks with representatives of the South Korean government over the potential participation of Korean construction companies in three megaprojects in the Kingdom.

"When His Majesty King Abdullah paid a visit to Korea last December, the leaders of our two countries discussed ways to work together for various projects in Jordan, including the construction of a canal linking the Dead Sea and the Red Sea, a desalination plant and a nuclear power plant," South Korean Prime Minister Han Seung-soo told The Jordan Times in an exclusive e-mail interview.

The King, during the visit, called on South Korean businesspeople to invest in the Kingdom, particularly in the fields of renewable energy, water desalination and infrastructure.

"Relevant ministers of the two countries also signed MoUs for cooperation on these three projects," he added, noting that Korea has been keenly interested in the Red-Dead Canal and provided $1 million for a feasibility study into the canal.

"The governments of the two countries will engage in further discussions to seek ways for Korean construction companies to participate in these large projects in the years to come," Han said, adding that Korean businesses have rich experience and abundant expertise in large-scale waterway projects, such as the Great Man-Made River in Libya, and the construction of desalination plants.

Although the government has yet to lay out a concrete proposition on how to raise funds for the projects, the Korean prime minister said: "The project to restore the Dead Sea, one of the World Heritage Sites, will be able to move forward with the participation of many countries around the world, including Korea."

He pointed out that Jordan and Korea will establish a joint committee based on the MoUs signed last December and engage in discussions to work out concrete plans for the project.

Regarding a proposal offered by the Korea Electric Power Corporation (KEPCO) to establish a nuclear power plant in the Kingdom for the purposes of electricity generation and water desalination, Han said the great public confidence in KEPCO would greatly enhance the chances of the project.

Meanwhile, investments by Korean businesses in Jordan amounted to about $5 million in 2008, which accounts for 30 per cent of Korea's aggregate investment in the Kingdom, according to Han, who added that it is expected that investments in various other sectors will become more substantial if the bid by Korean businesses for the construction of the nuclear power plant and the Red-Dead project are successful.

"Currently, Korea's investments in Jordan are confined to some areas such as textiles. Over the years to come, however, I expect that brisk investments will be made in various other sectors where Korean companies hold a global competitive edge, including electricity and electronics, automobiles and parts as well as IT," he added.

The prime minister said Jordan offers many attractive investment opportunities for Korean businesses, stressing that "the country's political stability and excellent human resources" are key incentives for foreign investors.

He highlighted that the Kingdom is important for Korean businesses as it can serve as a gateway for Korean companies that want to enter markets in Iraq and other Middle East and North African countries.

"As long as the Amman government endeavours to expand the presence of foreign investors, Korean and other international companies should be attracted to make more and more economic commitments in the Kingdom," he added.

With regard to the Aqaba Special Economic Zone, the Korean official called on the Aqaba economic authorities, in tandem with the Korea Trade-Investment Promotion Agency and the Korea Chamber of Commerce and Industry, to publicise the special zone which will entice more Korean industries to make financial commitments there.

-----

To see more of the Jordan Times or to subscribe to the newspaper, go to http://www.jordantimes.com/.

Copyright (c) 2009, Jordan Times, Amman

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

KEP,

A service of YellowBrix, Inc.