▲ Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, speaks at the Ministerial Meeting on International Economic Affairs held at the Government Complex Seoul in Jongno-gu, Seoul, on June 10.
The government is launching comprehensive support measures to assist Korean companies in entering the Middle East infrastructure market.
Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, discussed the "Plan for Cooperation on Infrastructure Advancement by Middle East Country and Sector" during the 269th Ministerial Meeting on International Economic Affairs, which he presided over at the Government Complex Seoul today (June 10).
In his opening remarks, Deputy Prime Minister Koo stated, "The Middle East is a region that has shared half of our overseas construction history and is a crucial economic cooperation partner in terms of energy and supply chain stability." He added, "It is expected that major Middle Eastern countries will pursue infrastructure advancement aimed at improving their overall economic structure beyond post-war reconstruction."
Koo further noted, "If the friendship and trust built through summit diplomacy and high-level exchanges are combined with the excellent technology of our companies, we can achieve 'win-win' cooperation as partners." He announced, "To this end, we will promote strengthened private-sector cooperation, financial support, and intergovernmental collaboration."
The government plans to actively support the participation of Korean companies by identifying customized cooperation projects in areas such as plants and energy, transportation and logistics, urban development, and digital infrastructure, tailored to the economic conditions and demands of each major Middle Eastern nation.
First, the government will utilize diplomatic missions and related agencies to identify key local projects and provide integrated bidding support for Middle Eastern clients.
It will also provide customized financial support for each country, including $6 billion in pre-financing for major Middle Eastern project owners.
In addition, the government plans to push for the creation of a "Middle East Infrastructure Strategic Fund."
Diplomatic support will also be provided in parallel, such as by proactively dispatching high-level government officials to the region.
"While uncertainties in the external economy persist, crises can also create new opportunities for cooperation and growth," Deputy Prime Minister Koo emphasized. "We will provide strong backing so that our companies can secure more opportunities in the global market."
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.