Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Korean firms boost ties with NEOM through Seoul exhibition
Minister of Land, Infrastructure and Transport Won Hee-ryong delivers an opening speech during a roadshow before the opening ceremony of NEOM's exhibition at Dongdaemun Design Plaza in Seoul, Tuesday. Courtesy of Ministry of Land, Infrastructure and Transport
By Park Jae-hyuk
Naver, Hyundai Elevator, KT showcase technologies for Saudi Arabia's smart city
By Park Jae-hyuk
Korean companies of various industries appealed to NEOM's top executives, Tuesday, by introducing cutting-edge technologies that can contribute to the $500 billion project to build a smart city in northwest of Saudi Arabia.
At a roadshow held before the opening ceremony of NEOM's first Asian country exhibition in Seoul, Naver, Hyundai Elevator, KT and various other private and state-run enterprises in Korea delivered speeches on their technologies, for their potential participation in the Saudi smart city project.
They also displayed their respective technologies alongside the exhibition pavilion promoting NEOM.
A day before the roadshow, the NEOM project invited over 250 business leaders from more than 100 Korean firms to its private event, to introduce them to the project and hold one-on-one meetings. According to industry officials, companies that participated in the private session include Hyundai E&C, Naver, Yanolja and Flitto.
NEOM CEO Nadhmi Al-Nasr, left, talks with Hyundai Group Chairwoman Hyun Jeong-eun, second from left, and Minister of Land, Infrastructure and Transport Won Hee-ryong about Hyundai Elevator's verti-port infrastructure at Dongdaemun Design Plaza in Seoul, Tuesday. Courtesy of Ministry of Land, Infrastructure and Transport
NEOM expressed gratitude for their keen interest, although it remained cautious about mentioning details about its partnership with Korean firms. At this moment, Hyundai E&C, Samsung C&T and HanmiGlobal are the only three Korean companies officially participating in the project.
The Saudi state-run company made it clear that it is not considering cooperation with nuclear power companies in Korea and other countries, as the smart city will be fully powered by renewable energies.
“I call on my team and also the Korean side of presenters today to really click with bridging these opportunities with the needs of NEOM,” NEOM CEO Nadhmi Al-Nasr said, stressing its vision to build a “city of future.”
Minister of Land, Infrastructure and Transport Won Hee-ryong, who co-hosted the roadshow, said the Korean government and companies are set to fully support the Saudi Vision 2030.
“We'll discover what NEOM is and where NEOM leaders are heading for. And I hope NEOM leaders will find who's the right partner,” he said. “One Team Korea will fully stand for our shared dream.”
The minister added that the government is talking with its Saudi counterpart about opening a liaison office for Korean companies to communicate more easily with NEOM leaders.
During the press conference following the roadshow, NEOM especially emphasized the smart city's feasibility and sustainability.
The company said business is underway in the city through its subsidiaries, such as Tonomous, Enowa and Oxagon. It also said it opened an international airport and port there, with a plan to begin accommodating guests at a hotel on Sindalah Island from the first half of next year.
Regarding the flagship project, THE LINE, NEOM said the vertical city will enable its residents to have access to all facilities within a five-minute walk.
In response to lingering doubts about the project, the NEOM CEO advised Korean company officials to come and visit the city in person to learn more about its environment.
A NEOM official introduces THE LINE project during the company's exhibition at Dongdaemun Design Plaza in Seoul, Tuesday. Courtesy of Ministry of Land, Infrastructure and Transport
After the press conference, NEOM offered a press tour of its exhibition pavilion, which will open to the public from July 26 to Aug. 3.
On a rectangular space surrounded by large electronic boards, NEOM displayed various challenges to modern cities and its solutions to the problems, as well as the introduction to the four regions of the smart city ― THE LINE, Oxagon, Trojena and Sindalah.