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| Minister of Land, Infrastructure and Transport Won Hee-ryong, third from left, and his Saudi counterpart, Saleh bin Nasser Al-Jasser, attend a roadshow at the Crowne Plaza Riyadh Rdc Hotel & Convention, Saudi Arabia, Nov. 6. Korea Times file |
By Lee Kyung-min
Korea is fortifying cooperation with Saudi Arabia, a prospective partner in the expansion of Korea's key industries including construction, shipbuilding and marine engineering, according to the trade and land ministries, Thursday.
The areas of joint cooperation will include digital and smart infrastructure building, intellectual property rights, culture, hydrogen energy, smart city planning, bio, healthcare, agriculture and the fishery industry. The two countries will increase investments in areas where small- and medium-sized market players in Korea, one of Asia's tech, bio and manufacturing powerhouses, and resource-rich Saudi Arabia can both thrive.
The strong bilateral cooperation is in part illustrated by joint investments in local battery manufacturers and game makers led by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, with about $620 billion in assets under management.
Also anchoring relations is a joint investment to build a shipyard in the King Salman Global Maritime Industries Complex, which houses ship engine assembly and manufacturing plants.
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| Minister of Trade, Industry and Energy Lee Chang-yang, right, and Khalid A. Al-Falih, investment minister of Saudi Arabia, pose for a photo at Fairmont Ambassador Seoul, Thursday. Courtesy of Ministry of Trade, Industry and Energy |
Ministerial meeting
Trade, Industry and Energy Minister Lee Chang-yang met with with Saudi Investment Minister Khalid Al-Falih, Thursday, to facilitate investment and economic cooperation between the two countries.
The two ministers appreciated the diversification and strengthening of industries in Saudi Arabia, as advanced by the Korea-Saudi Vision 2030 Committee.
"The role and function of the committee will become more vital for stronger ties between Korea and Saudi Arabia, especially on the occasion of the 60th anniversary of diplomatic relations established between the two," Lee said.
The Saudi minister is on a trip to Korea, alongside key trade and construction authorities as well as business executives. Among the Saudi firms were SABIC, a petrochemical firm, Dussur, a manufacturing and energy firm, ACWA Power, a renewable energy player, the Alfanar power grid and plant, the planning overseers for NEOM new city and Diriyah, a cultural and housing development.
They attended a business workshop at JW Marriott Hotel Seoul, earlier in the day, alongside about 180 key figures of the two countries.
The meeting came on the heels of the Korean land minister's trip to the Middle Eastern country, organized to win orders involving Neom, a new city being built in Tabuk Province. The new smart city is expected to function as a tourist destination.
Minister of Land, Infrastructure and Transport Won Hee-ryong is seeking to help local builders win $50 billion (71 trillion won) in overseas construction contracts every year through 2027.
During his six-day visit, Won signed two memoranda of understanding (MOUs) following eight ministerial level meetings. Among them were PIF Governor Yasir bin Othman Al-Rumayyan, NEOM CEO Nadhmi A. Al-Nasr, Housing Minister Majid bin Abdullah Al-Hogail, Energy Minister Abdulaziz bin Salman Al Saud, Transport Minister Saleh bin Nasser Al-Jasser, Economy Minister Faisal bin Fadhil Alibrahim and Riyadh Mayor H.E. Faisal bin Abdulazis bin Ayyaf.
Saudi Arabia has generated 17 percent of Korea's total number of overseas construction orders of $925 billion over the past five decades, according to the International Contractors Association of Korea.
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