November 29, 2024

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South Korea's Minister of Land, Infrastructure and Transport Won Hee-ryong (Yonhap)

South Korea’s Ministry of Land, Infrastructure and Transport will soon announce plans to make the country one of the world's top four in overseas construction capable of winning $50 billion in overseas deals per year by 2027, officials said Monday.

Land Minister Won Hee-ryong is expected to emphasize active support in winning big overseas projects by working with the private sector and also support the technological development of the construction and equipment sectors.

The government plans to jump into overseas infrastructure establishment projects such as Saudi Arabia’s Neom City Project with the help of South Korea’s advanced smart infrastructure-related technologies.

The Neom City Project is a planned new city in the northwestern Saudi Arabian region of Tabuk. The project aims to have smart city technologies and serve as a tourist destination.

Minister Won will be visiting Saudi Arabia on Saturday to advertise Korean builders and build local business networks, the Land Ministry said.

By Hong Yoo (yoohong@heraldcorp.com)