Korean minister sees a bigger role of his country’s firms in Neom project

 

Korean minister sees a bigger role of his country’s firms in Neom project

South Korean firms are to play a key role in the success of Neom, the $500 billion Saudi megacity project along the Red Sea coast. 

Minister of Land, Infrastructure and Transport Won Hee-ryong in a recent interview with The Korea Times said Korea's construction capabilities in city planning and infrastructure building in the oil-rich kingdom go back to 1970s.

"The Korea-Saudi alliance and mutual trust remain stronger than ever," Won said. "Key local builders and plant manufacturers have, since the 1970s, built robust track records in construction period and quality, a point of pride and strength for local players widely recognized by the Saudi authorities."

Won Hee-ryong said the NEOM project will provide a strong foundation for an effective transition for the oil-rich nation to a green, high-tech and sustainable economy. The role of Korea's top local builders, manufacturers and energy firms will be pivotal in the process.

The minister expressed hope that 26 memoranda of understandings (MOU) signed between Korea and Saudi Arabia, last month will deliver tangible results. These MoUs were signed in the areas of joint economic cooperation in manufacturing, smart technology, bio and healthcare, city planning, infrastructure building, energy, agriculture, environment and gaming.

The MOUs were part of Crown Prince Mohammed bin Salman's visit to Korea in November.

Source: https://www.koreatimes.co.kr/