South Korea increases Yemeni aid to $100 million

South Korea has raised its support for Yemen from the $55 million promised at the Donor Conference held in 2006 in London to $100 million through 2007 to 2010, Yemen’s official news agency Saba reported.

The director general of the International Cooperation Department at the Ministry of Planning and International Cooperation, Omer Abdul Aziz, said that this illustrated the developed relations between the two countries, particularly after the successful visit of president Ali Abdullah Saleh to South Korea in April of 2005.

Meanwhile, the volume of trade exchange between Yemen and South Korea in 2007 increased to YR34,330,952. Yemen’s exports to South Korea in the same year stood at YR19,451,569, while imports amounted to YR14,879,383.

Yemen’s exports to S. Korea represented 1.58 percent of the total amount of its exports to East Asia countries. The mutual cooperation has witnessed continued growth as the two countries have signed a number of agreements, the most important being a production sharing agreement between the South Korean Oil Ministry and Yemen’s National Oil Company.

The two countries have also signed an agreement for the implementation of tourist projects in the Yemeni province of Dhamar costing $28 million.

South Korea recently announced its intention to extend cooperation with Yemen which would include investment cooperation in several fields such as oil, tourism and information technology. 

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