Saudi Arabia working to improve regulation, financial support for S. Korean projects: investment minister

SEOUL, Oct. 14 (Yonhap) -- Saudi Arabia is working on regulatory improvement and financial support measures to encourage the participation of South Korean companies in key projects in the Middle Eastern country, a senior Riyadh official said Saturday.

In a breakfast meeting with South Korean Land Minister Won Hee-ryong in Seoul, Saudi Arabian Investment Minister Khalid Al-Falih highlighted such measures while "actively requesting" the participation of Korean companies in various projects in construction and infrastructure sectors, according to the land ministry.

According to the ministry, Al-Falih cited ample business opportunities for South Korean firms to participate in projects in Saudi Arabia. The minister visited Seoul to attend the fourth bilateral Vision 2030 Committee held Friday.

Won said Seoul will use the countries' cooperation in construction and infrastructure as a platform to enter into ties in other fields, such as energy, defense, biotechnology and culture.

At this week's Vision 2030 Committee, the two countries agreed to push for 17 new projects in bio, gaming, auto manufacturing and smart city development fields, among others, in addition to their 39 ongoing joint projects.

The two sides also confirmed the two nations are working to implement business deals and cooperation agreements that they signed in November last year as planned.

Source: Yonhap News Agency