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Strengthening Ties Between South Korea and Saudi Arabia Through Mega Projects

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South Korean Finance Minister Cho Kyung-ho said on Wednesday that his country wants to forge a deeper relationship with Saudi Arabia and have its companies contribute to the mega-projects that the Middle Eastern nation is planning.

During talks with his Saudi counterpart Mohammed Abdullah al-Jadaan in Seoul, Cho Kyung-ho said the two countries could find potential partnership opportunities in Saudi Arabia’s Vision 2030 plan, which aims to reduce the kingdom’s dependence on oil and promote other engines of growth. .

He added that South Korea is making efforts to increase its competitiveness in areas such as hydrogen and smart agriculture, and asked Riyadh to pay more attention to the efforts of South Korean companies to participate in the NEOM project, which aims to create a sustainable city. powered by renewable energy, with a budget of $500 billion.

For his part, Al-Jadaan pointed out that South Korean companies have outstanding technology and manufacturing capabilities, indicating that he hopes they will be able to participate in various projects that the Kingdom of Saudi Arabia is planning.

During the meeting, the ministers exchanged views on the growing problems in the global economy, including blocs, geopolitical risks and others, according to the Ministry of Economy and Finance.

Source: “Yonhap”

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