Trade, Industry and Energy Minister Lee Chang-yang met with Saudi Arabia’s Investment Minister Khalid Al-Falih to discuss bilateral industrial cooperation, investment and future directions for the Korea-Saudi Vision 2030 Committee (hereinafter “Committee”).
The two Ministers assessed that the Committee has played a pivotal role in the advancement of their mutually supplementary economic cooperation, which they concurred should be further upgraded on the basis of the 60th anniversary of their establishment of diplomatic ties.
Minister Lee noted how their cooperation began with energy, construction and plants, but is now expanding to smart city, hydrogen, future energy, and entertainment, relaying his intention to reinforce exchange in these new and promising fields.
They specifically lauded the 39 joint projects executed through the three meetings held since the launching of Committee in 2017, which consist of five areas: 1) manufacturing, 2) energy, 3) digital & smart infrastructure, 4) healthcare & life science and 5) SMEs and investment.
An investment corporation for shipbuilding and ship engine assembly was first completed in September 2020, followed by an agreement to pursue another hugely successful demonstration project in the energy efficiency sector.
The two countries’ cooperation was vigorous in not only smart infrastructure areas like desalination, smart city, and digital government but also fared seamlessly in healthcare, bio, corporate investment and global clinical research infrastructure despite COVID-19 difficulties. Financial support also saw positive outcomes in SME development policies and joint investment promotion efforts.
The Ministers share the same view on the Committee’s future development as a platform for the two countries’ effective response to new cooperation demand with regard to low carbon economy transition, 4th industrial revolution and extensive cultural & digital content market. The Committee will be leveraged to seek out joint projects in new industries, such as smart city, future energy and cultural content.
Minister Lee proposed that the Committee system should be fortified to usher in Korea-Saudi cooperation in bio, games, entertainment and other emerging areas as well.
In the mid-to-long term, he called for a revision of Committee governance, so that subcommittees and support structures can be newly organized. Moreover, career education, lifelong education and branch campus planning are additional projects under consideration for Committee empowerment.
Source: Ministry of Trade, Industry and Energy