KUWAIT CITY -- President Park Geun-hye said Sunday she would seek new business opportunities for South Korean companies in the Middle East as part of efforts to ignite “a second Middle East boom” to achieve economic growth.

“The South Korean economy cannot seek growth only with the domestic market but can expand its economic landscape by targeting the global market,” she told reporters on board before heading for Kuwait. “This is why I am diligently travelling (around the world).”

Early on Monday, Park arrived in Kuwait, the first leg of her four-nation trip to the Middle East. Her trip is aimed at forging fresh strategic ties with the region amid falling oil prices and South Korea’s slowing economy.

She is joined by the largest-ever business delegation to join a presidential trip, comprising 116 representatives of public and private firms. The massive participation of Korean companies reflects the significance of her trip, which comes when the Gulf nations are attempting to diversify their business portfolio to prepare for the post-oil era, the presidential office said.

In the past, the Middle East was a business destination for energy and construction companies, but the region is increasingly opening new markets for a wide range of other industries, including information technology, medical services and renewable energy.

“To prepare for the post-oil era, the Gulf nations are building nuclear power plants and (investing) in a wide range of sectors including health, medical and ICT,” she said. “That is what matches well with us.”

Park is set to hold summits with leaders of four nations -- Kuwait, Saudi Arabia, UAE and Qatar -- to expand cooperation in a wide range of fields including business, security and culture.

In Kuwait, Park plans to hold a summit with the emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to discuss ways to increase bilateral cooperation the in energy, construction, railroad, medical and IT sectors. Park is the first South Korean president to visit Kuwait in eight years.

By Cho Chung-un

Korea Herald correspondent

(christory@heraldcorp.com)