SEOUL, Apr. 11 (Korea Bizwire) — The Korea Trade-Investment Promotion Agency (KOTRA) said Wednesday it has signed a memorandum of understanding (MOU) with Saudi Aramco, the world’s largest crude exporter, to enhance bilateral cooperation in energy, trade, investment and other fields.
KOTRA said it expects the MOU signed at KOTRA’s headquarters in southern Seoul on Tuesday will help South Korean firms make inroads into Saudi Arabia, which has been undertaking a variety of development projects under the Vision 2030 economic reform plan to find new growth engines aside from energy exports.
Among possible cooperation fields are education, petrochemicals, renewable energy, construction, shipbuilding, information technology and trade and investment.
KOTRA launched a forum titled “South Korea-Saudi Arabia Partnership Plaza” at the Convention and Exhibition Center (COEX) in southern Seoul to help South Korean firms exploring business opportunities in the oil rich country.
Among the participating companies are the Saudi Arabian General Investment Authority; Al-Tamimi & Company, the largest corporate law firm in the Middle East; and Al Akaria Hanmi, a joint venture between HanmiGlobal and Al Akaria, the No. 1 developer in Saudi Arabia.