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| Minister of Land, Infrastructure and Transport Won Hee-ryong. Korea Times file |
A delegation led by Land Minister Won Hee-ryong has embarked on a trip to Saudi Arabia, a key prospective partner in Korea's overseas construction projects, the land ministry said, Friday.
The six-day trip is the latest in a government policy initiative to help local builders win overseas construction contracts of $50 billion (71 trillion won) every year through 2027, a drive the ministry says will revive the industry. Saudi Arabia has generated $156 billion, or 17 percent, of Korea's overseas construction order total of $925 billion over the past five decades, according to the International Contractors Association of Korea. The figure is twice the $83.1 billion won from the United Arab Emirates (UAE).
Central to the five-stage project of $500 billion is winning orders involving Neom, a city being built in Tabuk Province in northwestern Saudi Arabia. The new city will incorporate smart city technologies and is expected to function as a tourist destination with a population of up to 9 million.
2nd Middle East construction boom
"We will take a leap forward in overseas construction, as initiated by projects in Saudi Arabia," Minister of Land, Infrastructure and Transport Won Hee-ryong said. "It will help Korea win a higher number of overseas construction projects in the years to come."
A roadshow will be presented by Won and local construction affiliates of large conglomerates, including Hyundai, Samsung, GS, Ssangyong, Daewoo, Kolon and Hanmi, in Riyadh, the capital and financial hub of Saudi Arabia.
Among those in attendance will be Saudi Arabia's transport and construction authorities as well as state-run and private agencies.
Presentations on technology demonstrations will be led by Korean firms, followed by one-on-one consultations.
Officials of both countries will discuss ways to fortify cooperation in transport mobility and sign a memorandum of understanding (MOU) for knowledge sharing, exchanges of human resources and business strategies.
The success of the all-out promotional activities will be strengthened by the project management and underground tunnel-building capabilities of local firms overseeing The Line, a project involving the construction of a 170-kilometer, car-free, zero-carbon city in Neom.
Muhammad Bin Salman, the crown prince of Saudi Arabia, expects that the "futuristic economic zone will have 1 million inhabitants and no roads," enabled by the smart city planning of essential daily services. "Schools, medical clinics, leisure facilities as well as green spaces will be located within a five-minute walk," he said.
