In a resounding display of international partnership, South Korea and Saudi Arabia have solidified their commitment to broadening cooperation across diverse industry sectors.
This momentous decision comes after the convening of the Vision 2030 Committee in Seoul, graced by the presence of South Korea’s Industry Minister, Bang Moon-kyu, and Saudi Arabia’s Investment Minister, Khalid Al-Falih, under the aegis of the Ministry of Trade, Industry, and Energy.
With unwavering resolve, the two nations have charted a course toward the realization of 17 innovative projects spanning realms like biotechnology, gaming, automotive manufacturing, and the evolution of smart cities. These undertakings stand alongside the impressive roster of 39 ongoing collaborative initiatives.
The respective ministers have also corroborated their dedication to bringing to life the various business deals and cooperative agreements inked back in November of the preceding year.
This milestone in their partnership traces its roots to the visit of Saudi Arabia’s Crown Prince, Mohammed bin Salman, to South Korea a year ago, when a flurry of 26 Memorandums of Understanding (MOUs) were inked. These MOUs, collectively valued at an impressive US$30 billion, encompassed transformative projects, such as the Neom city development, ventures in chemicals, the advancement of renewable energy, and a wide spectrum of industries. Notably, among these agreements, the partnership between Aramco’s prominent oil refining subsidiary, S-Oil, and a distinguished South Korean construction firm takes center stage, earmarking a pivotal stage in the Shaheen project, poised to breathe new life into facilities in the southeastern city of Ulsan.
Additionally, the Saudi investment ministry made strides by forging an MOU with Hyundai-Rotem Co., a signpost toward the advancement of the Neom railway project.
(Source: Oh Seok-min | Yonhap News Agency)
