Seoul: A senior executive of HD Hyundai Co., South Korea's leading shipbuilding conglomerate, held talks with Saudi Arabia's investment minister on cooperation for a joint venture shipyard in the Middle Eastern country, the company said Thursday.
According to Yonhap News Agency, HD Hyundai Executive Vice Chairman Chung Ki-sun met with Minister of Investment Khalid Al-Falih in Seoul to discuss the future operation of International Maritime Industries (IMI) Co., a shipyard under construction, and the establishment of a related supply chain. Located on Saudi Arabia's eastern coast, IMI is a large-scale shipyard project designed to build up to 40 ships annually.
HD Hyundai is a shareholder in IMI, along with Saudi Aramco, Lamprell, and Bahri. "Saudi Arabia is a trusted business partner with whom we have collaborated for a long time," Chung said. "IMI is a symbolic project demonstrating that HD Hyundai has grown into a company exporting design technology after half a century. We will devote our utmost effort to its operation to make it the best shipyard."
HD Hyundai is also seeking to strengthen defense ties with Saudi Arabia by leveraging its advanced naval technology. In May, the company unveiled its new frigate, the HDF-6000, at a defense exhibition as part of efforts to participate in Saudi Arabia's naval modernization program.