President Yoon Suk Yeol, left, speaks to Emir of Qatar Tamim bin Hamad Al Thani at Amiri Diwan in Qatar during his state visit to the country, Oct. 25, 2023. Yonhap

Qatar Development Bank (QDB) is hosting a business networking event between companies in Qatar and Korea as it seeks to build stronger economic ties with Korean business groups and further develop the two countries' bilateral cooperation, according to the Qatar Embassy in Korea, Tuesday.

The state-run bank's event, Qatar-Korea Trade Mission 2024, will run from April 29 to 30 in Seoul, while the bank's export development, finance and promotion agency, Tasdeer, is organizing it.

Twenty-one Qatari companies are participating in the business match-up with their potential Korean counterparts. The delegation includes companies in the fields of architectural chemical products, construction materials, health and medical, petroleum and gas, plastic products and packaging, engineering consulting, sports tech and tourism.

The companies have decades of business history and recognized performances in Qatar, according to the embassy. ITAG International, an offshore drill expert and equipment manufacturer, is one of the most experienced offshore drillers in Europe. Qatari German for Medical Devices is one of the leading medical equipment manufacturers in the Middle East. SkyStruct, an engineering consulting firm, is on top of the industry in Qatar by specializing in technologies coming from Qatar Science & Technology Park.

Korea Importers Association (KOIMA) said earlier this month the Qatar embassy had requested to promote the event to the association's member companies. KOIMA has released details on the event online, including names of participating Qatari firms and each of their websites, and encouraged its member companies to join it.

QDB, with the event, seeks to solidify further the bilateral economic partnership that was previously highlighted by Korean President Yoon Suk Yeol when he paid a state visit to Qatar last October. Yoon, during the visit, elevated the bilateral partnership to a "comprehensive strategic partnership" as he said it was necessary to extend the two countries' current trades, mostly in energy sectors, to broader industries and spawn more diverse businesses.

QDB said the delegation represents the country's "vibrant economy" as the participating firms engage in a diverse array of industrial fields. The bank also said it identifies the event as a "critical juncture" to deepen the bilateral economic ties and explore new market frontiers.

The key feature of the event, according to the bank, is a session dedicated to providing Korean firms with high-level consultations on import procedures and conditions as they opt to trade with Qatari firms.

Established in 1997, QDB's main objective is to develop investments within Qatar's local industries and accelerate growth and economic diversification through its support for private sectors. It is in line with the country's national campaign, Qatar National Vision 2030.