Korea Tech Advances MOU with Servo Industry for Saudi Infrastructure Project

[Asia Economy Reporter Hyungsoo Park] Korea Technology, a KOSDAQ-listed company, announced on the 25th that it signed a business agreement with Seobo Industry at its headquarters in Seoul Station T Tower to establish a construction formwork factory and related infrastructure in Saudi Arabia.

The business agreement ceremony was attended by key officials including Korea Technology CEO Shin Yong-gu, Seobo Industry CEO Lee Beom-soo, Vice President Jang Ho-chan, and Executive Director Kim Byung-woon. They established a strategic partnership for joint overseas projects in Saudi Arabia, India, and other countries.

Seobo Industry designs and manufactures aluminum formwork and Euro formwork used in construction, leasing or selling them to construction companies.

According to the agreement, Korea Technology and Seobo Industry will jointly promote the establishment of a local construction formwork equipment factory and related infrastructure projects in Saudi Arabia.

Seobo Industry completed a local inspection related to the construction formwork infrastructure project in Saudi Arabia last August. It is known that partner companies in Saudi Arabia have visited Korea more than twice to discuss the related business.

A company official said, "Through this agreement, we will contribute to expanding the global raw material supply together with Seobo Industry," adding, "We will lay the foundation for entering the NEOM City project, called the second Middle East boom."

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