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Saudi Aramco signed a comprehensive Memorandum of Understanding (MOU) with the Korea Trade-Investment Promotion Agency (KOTRA), to facilitate closer business cooperation under the framework of Saudi Arabia Vision 2030.
The agreement will help with the following: boost bilateral trade and investment; human resources development (HRD); intensify cooperation in areas of petrochemicals, renewable energy, construction, the maritime industry, and IT; organize forums and roadshows; and enhance information sharing.
Under the MOU, KOTRA is going to build a platform to help Korean companies expand business with Saudi Aramco. Prior to the signing ceremony, a preliminary meeting between Mr. Ahmad A. Al-Sa'adi, senior vice president of Technical Services of Saudi Aramco, and Kwon Pyung-oh, president of KOTRA, was held to discuss iktva and Korean investment in Saudi Arabia, particularly shipbuilding, the offshore supply chain, and HRD.
Ahmad A. Al-Sa'adi said, “The collaboration between Saudi Aramco and KOTRA to set up a platform for Korean companies' investment in the Kingdom, to serve Saudi Aramco's supply chain, will help strengthen the competitiveness of Korean companies in Saudi Arabia and the region, and contribute to Saudi Aramco's long-term iktva goals and Saudi Arabia's Vision 2030.
Kwon Pyung-oh said, “Many Korean companies hope to participate in Saudi Aramco projects. If KOTRA and Saudi Aramco strengthen our two-way communication and expand our collaboration for Vision 2030, it will set a role model for partnership, and expand the presence of Korean businesses in Saudi Arabia.”
Saudi Arabia focuses on identifying future development engines to achieve the goal of sustainable growth. Meanwhile it also follows a strategy to maximize resource utilization through industrial diversification and investment in non-oil sectors. Saudi Arabia is an attractive market for Korean companies, not only in terms of infrastructure development, but also because if its huge growth potential.