On April 17, Kim & Chang, sponsored by the International Contractors Association of Korea (the “ICAK”), co-hosted a seminar with Al Tamimi & Company.
The Seminar was titled “New Strategies to Venture into the Middle East: The Latest Legal/Tax Developments and Risk Management.” Starting with opening remarks from Jin-oog Suh, a senior advisor from Kim & Chang, and Mr. Young Tae Kim from the ICAK, the seminar consisted of two sessions on tax and overseas projects.
In Session One, which focused on Saudi Arabia and Kuwait, Kwangseok Oh, an attorney from Kim & Chang, discussed tax risk management and response strategies to consider when expanding into the Middle East. Mr. Oh also introduced trends in tax audits in Korea and the Middle East and discussed major practical issues.
In Session Two, which focused on Saudi Arabia and the UAE, foreign attorneys Daewoong Lee and Don Jeon discussed legal risk management measures to consider when participating in construction projects. Mr. Lee and Mr. Jeon also shared practical tips for successful claim/dispute management. In particular, Mr. Lee shared case studies and experiences related to claim documentation and Mr. Jeon discussed disputes and claims from a Sharia perspective.
The seminar successfully ended with attorney Byung-Woo Im’s closing remarks. Our firm plans to continue inviting construction experts and hosting seminars that may be helpful to Korean companies engaging in overseas projects.