Aramco Korea, KOTRA hold forum on new business opportunities in Saudi Arabian maritime industry

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Aramco Asia Korea (“Aramco Korea”) and Korea Trade-Investment Promotion Agency (“KOTRA”) hosted a business forum, titled “New Opportunities in Saudi Arabian Maritime Industry,” on October 24, at BEXCO, Busan. Consisting of two sessions, the event was held during the Kormarine Conference 2017, a premier annual international exhibition for local and international businesspeople working in the maritime industry.

The forum was designed to provide participants with the latest updates on the progress of projects within the King Salman International Complex for Maritime Industries and Services (“The Complex”), and introduce potential business opportunities for Korean corporations.

Attended by more than 200 representatives from various local maritime companies, the forum featured in-depth presentations about the outlook and potentials of the project by the representatives from Aramco Asia and the Saudi Arabian Maritime JV led by Saudi Aramco, Hyundai Heavy Industries Co. Ltd., Lamprell plc, and the National Shipping Company of Saudi Arabia (Bahri).

The JV has been set up to lead the establishment, development and operation of a world-class maritime shipyard, which is the anchor project within the King Salman International Complex for Maritime Industries and Services. The Complex will be the largest maritime industries complex in the Kingdom and the Arabian Gulf region, in terms of production capacity and scale.

This ambitious project is expected to take the Kingdom one step closer to economic transformation under the Saudi Vision 2030 initiative. The government of the Kingdom will fund the complex infrastructure as part of the strategic transformation, and has also commissioned Saudi Aramco to implement the infrastructure project.

“This forum couldn’t have come at a better time, as Saudi Arabia and Korea celebrate the 55th anniversary of diplomatic ties” said Fahad Al. Sahali, representative director of Aramco Korea. “The trust and support that we have from the Kingdom on this project, and the rapidly growing demand in the Kingdom and the entire region, create a perfect environment for Korean companies to demonstrate their technical abilities and global business experience – and enjoy the competitive advantages presented by King Salman international Complex for Maritime Industries and Services.”

Yun Won-Sok, executive vice president for Business Transformation & Trade Affairs of KOTRA, said, “KOTRA will provide support to Korean maritime businesses wishing to strengthen their international competitiveness, and make inroads into the Kingdom of Saudi Arabia.”

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