to broaden their collaboration across a variety of industries, such as the automotive, bio, and gaming sectors, as well as to progress with their joint infrastructure and energy projects, according to the Ministry of Trade, Industry and Energy.
The consensus was reached during a meeting of their Vision 2030 Committee held in Seoul, which was attended by South Korea’s Industry Minister Bang Moon-kyu and the Middle Eastern nation’s Investment Minister Khalid Al-Falih.
The two sides decided to pursue 17 new initiatives in the bio, gaming, auto manufacturing, and smart city development fields, in addition to their pre-existing 39 joint projects.
The ministers also reaffirmed that the two countries are actively working to carry out the business deals and cooperation agreements that were signed in November of last year.
During Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to South Korea last year, the governments and companies of the two nations inked 26 memorandums of understanding (MOUs) on the Neom city project, chemicals, renewable energy, and a variety of other industries, which totaled a combined US$30 billion.
The MOUs include the agreement between the Aramco-owned major oil refiner S-Oil and a South Korean construction firm for engineering, procurement and construction for the second phase of the Shaheen project that calls for building facilities at its plant in the southeastern city of Ulsan.
The Saudi investment ministry also signed an MOU with Hyundai-Rotem Co. on the Neom railway project.
“The newly launched projects are anticipated to help domestic companies discover new business opportunities in the Saudi Arabian market,” a ministry official said. “The government will provide support for them to boost overall exports to the Middle East.”
President Yoon Suk Yeol (R) converses with visiting Saudi Arabia's Crown Prince Mohammed bin Salman after their official talks in Seoul on Nov. 17, 2022, in this file photo provided by the presidential office. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
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SEOUL, Oct. 13 (Yonhap) — South Korea and Saudi Arabia agreed on Friday to expand their collaboration across a variety of industries, such as the automotive, bio, and gaming sectors, as well as to progress with their joint infrastructure and energy projects, according to the Ministry of Trade, Industry and Energy.
The consensus was reached during a meeting of their Vision 2030 Committee held in Seoul, which was attended by South Korea’s Industry Minister Bang Moon-kyu and the Middle Eastern nation’s Investment Minister Khalid Al-Falih.
The two sides decided to pursue 17 new initiatives in the bio, gaming, auto manufacturing, and smart city development fields, in addition to their pre-existing 39 joint projects.
The ministers also reaffirmed that the two countries are actively working to carry out the business deals and cooperation agreements that were signed in November of last year.
During Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to South Korea last year, the governments and companies of the two nations inked 26 memorandums of understanding (MOUs) on the Neom city project, chemicals, renewable energy, and a variety of other industries, which totaled a combined US$30 billion.
The MOUs include the agreement between the Aramco-owned major oil refiner S-Oil and a South Korean construction firm for engineering, procurement and construction for the second phase of the Shaheen project that calls for building facilities at its plant in the southeastern city of Ulsan.
The Saudi investment ministry also signed an MOU with Hyundai-Rotem Co. on the Neom railway project.
“The newly launched projects are anticipated to help domestic companies discover new business opportunities in the Saudi Arabian market,” a ministry official said. “The government will provide support for them to boost overall exports to the Middle East.”
President Yoon Suk Yeol (R) converses with visiting Saudi Arabia's Crown Prince Mohammed bin Salman after their official talks in Seoul on Nov. 17, 2022, in this file photo provided by the presidential office. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
(END) Related Articles Yoon, Saudi crown prince agree to strengthen exchanges, cooperation S. Korea seeking closer ties with Saudi Arabia in mega projects: finance minister (3rd LD) Biz leaders of S. Korea, Saudi Arabia discuss future cooperation (LEAD) Yoon, Saudi crown prince seek to strengthen cooperation in infrastructure, energy, defense