Saudi Arabia & Korea explore boosting industrial cooperation

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia-Korea Cooperation
Officials during the signing ceremony | SPA

Saudi Arabia’s Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, has discussed ways to strengthen cooperation with the Korean Minister of Trade, Industry and Energy, Mr. Lee Chang-yang.

During the meeting, they explored opportunities to enhance industrial cooperation between the two countries and issues of common interest.

Further, the two sides discussed developments in joint projects, agreements, investment opportunities between the two countries in various industrial sectors, and increasing trade exchange and opportunities for developing non-oil exports.

The meeting underscored the historical ties and stressed the significance of reciprocal visits to propel joint relations into new realms, particularly in the industrial and mining sectors.

They also participated in the signing of a memorandum of understanding (MoU) between the Saudi Authority for Industrial Cities and Technology Zones (Modon) and the Korean “GL Rapha” Holding Company.

This collaboration 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, with an investment value of $199 million (SAR 750 million).

According to the statement, “During the minister’s official visit, discussions took place with various representatives of the Korean government and leaders from major Korean companies in the mining industry sector. The objective of the visit is to fortify Saudi-Korean relations and sustain collaboration, considering that the Kingdom of Saudi Arabia’s total non-oil exports to the Republic of Korea in 2022 were around $1.9 billion (SAR 7.2 billion), while the total non-oil imports for the same year stood at 4.9 billion (SAR 18.4 billion).”

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