July 11, 2012 -- Updated 1606 GMT (0006 HKT) MME takes a look at Iran's threats to close the Strait of Hormuz MME speaks to South Korean minister about potential of investing in Lybia Iran's threats to close the Strait of Hormuz mean many companies are looking for alternatives MME takes a look at how a sleepy coastal town in Oman could offer that alternative (CNN) -- FACETIME: Sukwoo Hong, South Korean minister of knowledge economy After 40 years of political exclusion, Libyans celebrated an historic election this week. But the new government still has many challenges to face. One country that is hoping to help Libya in its reconstruction is South Korea. The Asian country hopes to cash in on what could be a $120 billion building boom. This week MME speaks to the country's minister of knowledge economy, Sukwoo Hong about how it's not just Libya that is of interest to South Korea. IN FOCUS: Avoiding the Strait The Strait of Hormuz is a vital trade route, not only for the Middle East but for the entire global economy. The commercial shipping lane is a transit point for a fifth of the world's oil supply. But with Iran's threats to close the Strait, many companies are looking for alternatives. MME takes a look at how a sleepy coastal town in Oman could offer that alternative.