1,400 Trillion Won NEOM City Construction Ahead... Korean-Saudi Companies Gather in One Place

[Image source=Yonhap News] Saudi Arabia's power broker Mohammed bin Salman, the first crown prince, declared that he will transform Saudi Arabia into an open and moderate Islamic country.

[Asia Economy Sejong=Reporter Dongwoo Lee] Saudi Arabia, which is promoting the mega city construction project "NEOM City" worth 1,400 trillion won, has requested active participation from Korea to become a global supply chain hub.

The Ministry of Trade, Industry and Energy announced on the 10th that it held the "Korea-Saudi Business Workshop" with the Saudi Ministry of Investment at the JW Marriott Hotel in Seocho-gu, Seoul, to mark the 60th anniversary of diplomatic relations with Saudi Arabia.

The workshop, organized on the occasion of the visit of Khalid Al-Falih, Saudi Minister of Investment, was attended by about 10 major Saudi companies and about 90 Korean companies to explore business opportunities.

Previously, the Saudi government announced the "NEOM City" project to build a mega new city with an investment of 1 trillion dollars (about 1,400 trillion won). The Saudi side explained the contents and promotion plans of the Global Supply Chain Recovery Initiative, which aims to attract a total investment of 10.7 billion dollars to establish itself as a global supply chain hub, and urged the interest and participation of Korean companies.

They also introduced various incentive policies currently implemented by Saudi Arabia to attract foreign investment, such as easing visa issuance restrictions and relaxing local workforce employment obligations.

Major Saudi companies such as SABIC, NEOM, and Saudi Industrial Investment Company (Dussur) shared information on mega projects including energy, infrastructure, and NEOM City, and requested active participation from Korean companies.

Jung Dae-jin, Deputy Minister for Trade, said, "Through the Vision 2030 Committee, the two countries are expanding cooperation beyond traditional areas such as energy, construction, and infrastructure to manufacturing and service industries," adding, "On the occasion of the 60th anniversary of diplomatic relations this year, we hope the scope of cooperation between the two countries will expand and develop into high value-added and new industries such as clean energy, smart cities, and entertainment."