South Korea backs construction firms for Middle East contracts
South Korea's land minister will meet officials from Kuwait and the UAE this week
The South Korean Government reportedly said it is planning to ramp up its support for the country’s builders to win contracts in the Middle East.
According to Seoul-based news agency Yonhap, the country’s Land Minister, Kim Hyun-mee, will use a business trip on 15-19 October to help Korean construction companies win contracts in the region.
She will reportedly promote their expertise and “advanced know-how in the field of smart cities, airports, and intelligent transport systems (ITS)” when meeting officials from Kuwait and the UAE, among other Gulf states, the South Korean Ministry of Land, Infrastructure, and Transport said in a statement.
Numerous Korean builders, such as SK Engineering and Construction, Hyundai, Samsung C&T Corporation, Daelim, and Doosan Heavy Industries and Construction Co are already active in the Middle East.
Korea Electric Power Corporation, also known as Kepco, is building the UAE's Barakah Nuclear Energy Plant.
This is not the first time South Korea has taken active steps to deepen its relationship with Middle East clients.
In March this year, South Korean President Moon Jae-in visited the UAE, after which both countries agreed to form business ties in the construction industry. According to Yonhap, Kim is "expected to discuss follow-up measures with her counterparts to help Korean firms win construction orders in the three countries".
Oman and South Korea inked a memorandum of understanding this July to establish futuristic smart cities in the sultanate.
While both countries are already working together on smart city planning for Oman’s Special Economic Zone in Duqm, this agreement will see both work closer together to establish future city concepts that use electronic data and analytics to improve civic services and make them more efficient.