According to Yonhap News,

(SEOUL=Yonhap News) The Korea Trade-Investment Promotion Agency (KOTRA) said Monday it will hold a forum this week to help South Korean shipbuilders make inroads into Saudi Arabia.

The forum will be held at the Busan Exhibition & Convention Center (BEXCO) on Tuesday with employees of Saudi Arabia's King Salman shipyard and officials from the Saudi Arabian investment agency to be present.

The event in the port city of Busan, 453 kilometers southeast of Seoul, has been arranged to coincide with the signing of a memorandum of understanding between Hyundai Heavy Industries Co. and Saudi Aramco to build a plant in Saudi Arabia for the production of engines for ships and power generation.

The project by Hyundai Heavy and Aramco is worth some five trillion won (US$4.4 billion).

The Saudi Arabian government has selected South Korea as a strategic partner that can help the Middle Eastern country develop the shipbuilding industry, KOTRA officials said.


The Hyundai Mipo Dockyard in Ulsan (Yonhap)

hdh@yna.co.kr

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