Seoul pins high hope on Korea-Saudi MoUs for NEOM project

President Yoon Suk-yeol Presiding over KOTRA Meeting [Photo by Yonhap]

South Korea expects most of its non-binding contracts with Saudi Arabia to take parts in the kingdom’s $500 billion NEOM City project would bear fruit, given their specific content and the kingdom’s strong willingness, the Korean presidential office said on Wednesday.

On Nov. 17, Korean conglomerates signed 26 memorandum of understandings (MoU) worth tens of trillions of won with the Saudi government and companies during Saudi Crown Prince Mohammed bin Salman’s visit to Seoul.

The bilateral Korea-Saudi Vision 2030 Committee will jointly review the progress of the 26 MoUs and the government will also listen to companies willing to participate in the project as “Korea One Team” to identify and address their potential business challenges, said Senior Presidential Secretary for Economic Affairs Choi Sang-mok.

Korean President Yoon Suk-yeol on Wednesday presided over an inaugural export strategy meeting at the Korea Trade-Investment Promotion Agency (KOTRA) headquarters in Seoul amid growing concerns about the country’s economic growth pace. Yoon said the government must use diplomacy and other means to help increase the country’s exports.

Except for diplomatic activities for security on the Korean Peninsula, all overseas visits must be thoroughly focused on business issues, the President said, asking ministers to put business issues at the center of their work during overseas visits.