The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with the Korean Minister of Trade, Industry and Energy, Lee Chang-yang, in Seoul to discuss opportunities for enhancing industrial cooperation between the two countries. 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 a Korean company operating in the industrial sector with an investment value of 750 million Saudi riyals ($199.93 million), according to the Saudi Press Agency.
Facilitating Vaccine, Biotechnology, and Chemical Manufacturing
The memorandum of understanding aims to facilitate the manufacturing of vaccines, biotechnology, and chemicals by allocating 51,000 square meters of industrial land in the Sudair Industrial City.
Developing Joint Projects and Increasing Trade Exchange
The two countries also discussed developments in joint projects, agreements, and investment opportunities across various industrial sectors, in addition to increasing trade exchanges and the potential to develop non-oil exports.
Enhancing Industrial and Mining Relations
The meeting also emphasized the historical ties and the importance of mutual visits to strengthen joint relations in new areas, including industrial and mining sectors.
Visits to Korean Companies
During his visit, Al-Khorayef also toured several factories in Changwon and Seoul. In Changwon, he met with officials from Doosan and toured the company’s facilities, witnessing the significant progress made by the company in thermal power plants, turbines, generators, water desalination plants, casting, and packaging.
Furthermore, a memorandum of understanding was signed between the Saudi National Automotive Manufacturing Company and KG Mobility. The minister explored the KG Mobility factory, one of Korea’s largest automotive manufacturers. He gained insight into the company’s significant achievements in producing multi-purpose vehicles, SUVs, and crossover vehicles, as well as their plans for electric cars.
Strengthening Saudi-Korean Relations
The visit aims to enhance Saudi-Korean relations and maintain sustainable cooperation. In 2022, Saudi Arabia’s non-oil exports to the Republic of Korea reached approximately 7.2 billion Saudi riyals, compared to non-oil imports valued at 18.4 billion Saudi riyals during the same period.
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