Ministry of Land's One Team Korea Lays Foundation for Mega Project Entry

[Image source=Yonhap News]

[Asia Economy Reporter Minyoung Kim] The Ministry of Land, Infrastructure and Transport announced on the 10th that from the 4th to the 9th, 'One Team Korea,' a coalition of companies in the construction, mobility, and IT sectors led by Minister Won Hee-ryong, visited Saudi Arabia to expand their entry base.

During this visit to Saudi Arabia, Minister Won held meetings with heads of major contracting agencies such as NEOM, the Public Investment Fund (PIF), the Ministry of Energy, and the Ministry of Transport and Logistics. Additionally, through active order support activities such as joint roadshows with the Saudi government and site visits to major projects like NEOM, the foundation for Korean companies to enter mega projects including NEOM was expanded.

The Ministry explained that Minister Won's visit to Saudi Arabia holds great significance as it provided networking opportunities with the Saudi government and companies by forming One Team Korea with promising companies from various fields in the Middle East market, which is booming due to high oil prices.

In particular, meetings were held with senior officials from major contracting agencies and the government, including the Saudi Public Investment Fund (PIF), NEOM, the Ministry of Transport and Logistics, and the Ministry of Energy, to discuss cooperation plans in infrastructure, energy, housing, and smart city sectors. Notably, a memorandum of understanding for intergovernmental cooperation in the mobility sector was agreed upon, marking a substantial achievement.

Furthermore, the 'Korea-Saudi Mobility Innovation Roadshow,' co-hosted with the Saudi Ministry of Transport and Logistics, served as a networking platform for over 100 institutions and companies from both countries, attracting significant attention from local media as well as domestic outlets. The delegation also visited construction sites of Korean companies, including the Riyadh Metro, which will be Saudi Arabia's first public transportation system, and the Tadawul building, a landmark in the financial district housing the stock exchange, to encourage workers and gather feedback.

Minister Won stated, "This visit is an important opportunity for the Korean government and private companies from various sectors to form one team, promote the diverse technologies and competitiveness of Korean companies in Saudi Arabia, and further strengthen trust and cooperation between the two countries." He added, "We will ensure that the numerous high-level meetings and various events serve as a foundation for continuous networking leading to orders for our companies, and proceed with the signing of the Korea-Saudi Housing Cooperation Forum and the mobility cooperation agreement, which were agreed upon during this visit."

This content was produced with the assistance of AI translation services.