Saudi Aramco recently signed a comprehensive Memorandum of Understanding (MoU) with Korea Trade-Investment Promotion Agency (KOTRA) to facilitate closer business cooperation under the framework of Saudi Vision 2030.
The MoU was signed by Ahmad A Al Sa’adi, Saudi Aramco senior vice president of technical services, and Kwon Pyung-Oh, president of KOTRA.
Under the MoU, working groups between Saudi Aramco and KOTRA — by and through both parties’ subsidiaries — will be established to collaborate in the areas of trade, investment, and human resources development.
The collaboration will also include building up communication channels, identification and support of current and potential investors, improvement and creation of human resources training programmes, and co-hosting of seminars, workshops, forums, and roadshows.
“The collaboration between Saudi Aramco and KOTRA to establish 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 GCC region, and contribute to Saudi Aramco’s long-term iktva goals and Saudi Vision 2030,” said Al Sa’adi.
“Many Korean companies hope to participate in Saudi Aramco projects,” said Pyung-Oh. “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.”
KOTRA, a state funded organisation under the Korean Ministry of Trade, Industry and Energy, functions as a global business platform to support Korean companies’ business expansion overseas. It also provides trade and investment infrastructure support through their 124 offices in 84 countries.
