In a significant step forward in bilateral trade discussions, Saudi Arabia achieved a milestone during a meeting between its Industry and Mineral Resources Minister, Bandar Alkhorayef, and South Korea’s Trade, Industry, and Energy Minister, Lee Chang-yang, in Seoul.
During the meeting, the ministers inked a memorandum of understanding (MoU) between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the Korean GL Rapha Holding Co., with an investment totaling SR750 million ($199.93 million). This agreement aims to facilitate the manufacturing of vaccines, biotechnology, and chemicals by allocating 51,000 square meters of industrial land in Sudair City for Industry and Business.
Moreover, discussions focused on exploring joint projects, agreements, and investment opportunities across various industrial sectors, with a particular emphasis on enhancing trade exchange and fostering the development of non-oil exports.
The meeting underscored the historical ties between the two nations and highlighted the importance of reciprocal visits to further strengthen relations, particularly in the industrial and mining sectors. Concurrently, representatives from the Korean government and leaders from major Korean companies in the mining industry engaged in additional discussions on the sidelines of the forum.
Minister Alkhorayef’s visit also included tours of factories in Changwon and Seoul. In Changwon, he interacted with officials from Doosan company and toured the factory premises, witnessing the company’s advancements in various sectors such as thermal power plants, turbines, generators, desalination plants, castings, and packaging.
Furthermore, a separate MoU was signed between the Saudi National Automotive Manufacturing Co. and KG Mobility, a prominent automobile manufacturer in Korea. Minister Alkhorayef gained insights into KG Mobility’s production of multi-use vehicles, SUVs, crossover SUVs, and their plans for electric cars.
The visit aimed to bolster Saudi-Korean relations and sustain collaboration. Notably, in 2022, Saudi Arabia’s non-oil exports to South Korea amounted to approximately SR7.2 billion, while non-oil imports from South Korea totaled SR18.4 billion for the same period.
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