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Samsung E&A and GS Engineering & Construction (GS E&C) have won a combined $7.2 billion deal to expand a gas plant in Saudi Arabia, the biggest order for Korean companies in the Middle Eastern country, the presidential office said Wednesday.
The government will outline a strategy to facilitate the export of a package of strong local industries encompassing Information Communications Technology (ICT), nuclear energy and defense under the overarching goal of securing overseas construction and infrastructure projects, the ministry said Tuesday.
Under the Biden administration the US continued escalating the economic and geopolitical frictions with China. At the recent G7 Summit in Carbis Bay, President Biden sought to rally a “united front” against China with traditional G7 allies and new ones such as Australia, India, South Korea, and South Africa and rebuked China on economic policies, human rights, and tensions in the East and South China Seas. The US also persuaded its G7 allies to back a massive infrastructure support package for developing countries. The so-called Build Back Better World Partnership (B3W) is a de facto rival to China’s Belt and Road Initiative (BRI). But it is far from obvious what the West stands to gain by emulating China’s exorbitant and highly controversial modern “Silk Road” venture.