Trade, Industry and Energy Minister Lee Chang-yang met with Saudi Arabia’s Investment Minister Khalid Al-Falih on November 10 on the occasion of the latter’s visit to South Korea, to discuss investment and economic cooperation expansion measures.
The Ministers concurred that the Korea-Saudi Vision 2030 Committee has contributed greatly to the two countries’ industrial diversification and economic cooperation, such as laying Saudi’s shipbuilding industry foundations, bolstering manufacturing collaboration and deepening ties in empowerment and knowledge property areas.
More recently, Saudi Arabia’s investments in Korea’s games and battery companies have increased through Saudi’s Public Investment Fund (PIF), enabling broader and more diverse scope of cooperation between the two nations.
In recognition of Korea and Saudi Arabia’s 60th anniversary of the establishment of diplomatic relations this year as well as rising global uncertainties, the two leaders agreed that Korea-Saudi Vision 2030 Committee’s role and function should be enhanced.
To this end, the current five subcommittees for cooperation will be expanded to a total of seven by adding a new subcommittee for agriculture & fisheries and separating the currently united manufacturing and energy subcommittees. Moreover, “culture” is to be added to the existing “empowerment” subcommittee.
As a result, the seven subcommittee areas are 1) industry 2) energy 3) agriculture & fisheries 4) digital, smart infrastructure 5) empowerment & culture 6) healthcare & life science and 7) SMEs & investment.
The two countries will continue to seek measures for strengthening ties and investment in agriculture & fisheries (halal foods), culture (games, entertainment), high-tech (bio, hydrogen) and smart city.
Eight joint projects in automobiles, bio, smart city and games were also newly proposed through the Vision 2030 Committee, which both sides assessed as timely collaborations.
Saudi Arabia is Korea’s largest crude oil supplier and trading partner in the Middle East. Noting the recent robust high-tech investments in NEOM and clean energy, Minister Lee called for continued cooperation in smart city, hydrogen and bio as well.
Source: Ministry of Trade, Industry and Energy