Naviworks, a Korean defense company, signed a business agreement to enter the Saudi market.


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Updated 2019. 02. 18. 23:05


Naviworks’ joint venture implementation with STII at the IDEX 2019 Abu Dhabi


Idris Al-Zakari, CEO of STII, Jun-hee Won, Chairman of Naviworks, and Young-hoo Kim, vice chairman of the Korea Defense Industry Promotion Association, are taking pictures at a business agreement between Naviworks and STII held at the UAE Abu Dhabi National Exhibition Center (ADNEC), the largest defense exhibition in the Middle East.


Abu Dhabi/Lee Seok-jong Journalist = Naviworks, a Korean defense company participating in Middle East's largest defense exhibition IDEX 2019, recently signed a business agreement to attract the Saudi Arabian market.


Naviworks, tactical education software and simulator developer based on military VR technology, signed a business agreement with Science Technology Investment and Industrial Development (STII) Saudi Arabia to jointly develop projects in the Middle East other than the UAE.


Based on the business agreement, Naviworks and STII have compromised to establish a joint venture to carry out technology transfer and product localization throughout the business process.


An official from Naviworks underlines this business agreement showcases the potential of a successful global expansion of Korean companies. It proves that the local markets in the Middle East have been recognizing excellent technology and reliability of Korean technology.


“We expect a great synergy with STII even before entering into a new market,” says Jun-hee Won, CEO of Naviworks. He adds “Naviworks will export its products into the Middle East actively while achieving sufficient amount of localization and technology transfer through potential joint venture projects.”


Naviworks has long been developing simulators for military platforms, virtual training systems, and weapons systems, including military ships and aircraft.


STII is a defense affiliate of Al Madi Group, a Saudi Arabian national development and investment company, specializing in investment in defense projects, joint ventures establishment, technology transfer, and localization projects.


Abu Dhabi/Lee Seok-jong Journalist sjlee@asiatoday.co.kr
Source : https://www.asiatoday.co.kr/view.php?key=20190218010008045

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