Saudi Arabia invites Korea’s investment in energy, infra, smart city sectors

Saudi’s Investment Minister Khalid Al-Falih [Provided by Maekyung Media Group]

Saudi Arabia has invited South Korea to take active part in its key projects involving energy, infrastructure, and smart city sectors as they celebrate 60th anniversary of diplomatic ties.

The Ministry of Trade, Industry and Energy on Thursday held a Korea-Saudi Arabia Business Workshop with Saudi’s Ministry of Investment in Seoul. About 10 major Saudi Arabian companies and 90 Korean companies participated in the workshop that was held, timed with Saudi’s Investment Minister Khalid Al-Falih’s Seoul visit.

Saudi officials during the workshop elaborated on its global supply chain recovery initiative that involves attracting $10.7 billion in investment to position itself as a major supply chain player in the world.

It also introduced various incentive policies to attract overseas investment such as eased restriction to visa issuance and eased rules related to local hire requirement.

Big Saudi Arabia names including SABIC, NEOM, and Dussur shared information about large-scale projects in energy, infrastructure, and smart city areas and called for Korean companies’ participation.

By Pulse