Saudi, Korean industry ministers sign MoU to expand industrial cooperation

Saudi Arabia marked a milestone in its ongoing bilateral trade discussions with South Korea as the Kingdom’s industry minister met with his Korean counterpart in Seoul.

Saudi Industry and Mineral Resources Minister Bandar Alkhorayef met Korean Trade, Industry and Energy Minister Lee Chang-yang on Dec. 16 to discuss opportunities to enhance industrial cooperation between the two nations.

During the meeting, the ministers signed a memorandum of understanding between the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, and the Korean GL Rapha Holding Co. with an investment value of SR750 million ($199.93 million), the Saudi Press Agency reported.

The MoU calls to facilitate the manufacturing of vaccines, biotechnology, and chemicals by allocating 51,000 sq. meters of industrial land in Sudair City for Industry and Business.

Furthermore, the two countries explored developments in joint projects, agreements, and investment opportunities in various industrial sectors, as well as increasing trade exchange and possibilities for developing non-oil exports.

The meeting also emphasized historical ties and the significance of reciprocal visits to boost joint relations into new realms, including the industrial and mining sectors.

Additional discussions took place on the sidelines of the forum, involving representatives from the Korean government and leaders from major Korean companies in the mining industry sector.

During his visit, Alkhorayef also visited several factories in Changwon and Seoul.

In Changwon, he engaged with Doosan company officials and conducted a tour of the factory facilities, witnessing the company’s notable advancements in thermal power plants, turbines, generators, desalination plants, castings, and packaging.

Furthermore, a MoU was signed between the Saudi National Automotive Manufacturing Co. and KG Mobility.

The minister explored KG Mobility’s factory, one of Korea’s major automobile manufacturers. He received insights into the company’s significant achievements in producing multi-use vehicles, SUVs, and crossover SUVs, as well as their plans for electric cars.

The visit aimed to strengthen Saudi-Korean relations and to sustain collaboration. In 2022, the Kingdom’s non-oil exports to the Republic of Korea were around SR7.2 billion, with corresponding non-oil imports totaling SR18.4 billion for the same period.