South Korea and Qatar have reached a preliminary agreement to expand cooperation for joint investment in third countries.

The memorandum of understanding, signed in Seoul between the Ministry of Land, Transport and Maritime Affairs and Qatar Holding LLC, outlines the creation of a joint infrastructure cooperation taskforce for such purposes.

The joint taskforce will arrange consultative meetings twice a year, help concerned parties share information on prospective investment projects and carry out feasibility studies, officials said.

If a project is determined to have merits, South Korea will allocate money from its own global infrastructure fund so it can be invested alongside Qatar’s vast sovereign fund. This arrangement will allow private companies to gain easier access to safe funding that is crucial for sustained growth. (Yonhap News)