Korea and Qatar have agreed to seek joint construction projects in third countries, by combining Korea’s building sector prowess with Qatar’s large national fund, the Land Ministry said Monday.

The agreement was reached at a meeting in Doha between Yousef Kamal, Qatar’s minister of economy and finance, and South Korea’s Minister of Land, Transport and Maritime Affairs Kwon Do-youp.

Under the agreement, Qatar will use its sovereign wealth fund to help finance overseas construction projects secured by South Korean companies.

In addition, the countries will seek to create a separate joint fund of about $85 billion to be invested in overseas construction projects, according to the South Korean ministry.

“The agreement will allow further participation by South Korean companies in large infrastructure and plant construction projects in Asia and South America, using vast sovereign wealth funds of the Middle East,” Kwon was quoted as saying upon signing the agreement in Qatar’s capital. (Yonhap News)