Korea pitches plans to rebuild Libya

The Korean government invited officials and business leaders from the Middle East and northern Africa to explain its plans to help reconstruct Libya a month after the death of Libyan dictator Moammar Gadhafi.

About 50 government officials and business representatives from countries including Saudi Arabia, the United Arab Emirates, Kuwait and Libya will attend a three-day “Korea-Middle East Week” starting Wednesday in Seoul, the Ministry of Knowledge Economy said.

On Wednesday, Korean companies will explain how they plan to take part in rebuilding Libya after hearing from officials of the war-torn country’s power supplier as well as shipping and port authority about their development blueprints.

Daewoo, Hyundai and Doosan are currently involved in multiple power plant construction projects in Libya. Ssangyong is participating in building a harbor and the $250 million Tripoli Tower in the northern African country.

“The combination of Korea’s top-notch industrial technologies and the Middle Eastern sovereign wealth funds will create new business opportunities,” said Moon Jae-do, a ministry official in charge of industrial resources cooperation.

Also on Wednesday, representatives of the UAE’s Khalifa Fund and the Saudi Industrial Development Fund are scheduled to speak about how the Middle Eastern countries support small and medium-sized businesses. Korean venture companies will discuss ways to tap into the Middle Eastern market and cooperate with venture firms there.

On Thursday, one-on-one consultations between Korean companies and major buyers from Libya and the Middle East will be arranged by the ministry and the Korea Trade-Investment Promotion Agency. Fifteen companies including the General Electricity Company of Libya and Al Naseem, Libya’s largest dairy product maker, and 20 Korean firms that wish to do business in the Mideast will take part in the talks, the ministry said.

By Kim So-hyun (sophie@heraldcorp.com)