Saudi and South Korean industry ministers signed a memorandum of understanding (MoU) to expand industrial cooperation.
The meeting occurred in Seoul, where Saudi Industry and Mineral Resources Minister Bandar Alkhorayef and Korean Trade, Industry, and Energy Minister Lee Chang-yang discussed enhancing industrial ties.
They agreed on an MoU involving the Saudi Authority for Industrial Cities and Technology Zones (MODON) and Korean GL Rapha Holding Co. This includes a SR750 million investment to develop
vaccine, biotechnology, and chemical manufacturing on a 51,000 square meter site in Sudair Industrial City.
The countries reviewed progress on joint ventures, trade agreements, and opportunities in the industrial sector, aiming to increase trade and develop non-oil exports. They also underscored the importance of mutual visits to foster industrial and mining collaboration.
Alongside the main forum, additional talks occurred with Korean government and mining industry leaders.
Minister Alkhorayef toured factories in Changwon and Seoul, including Doosan's facilities, observing advancements in various manufacturing technologies. A separate MoU was signed between the Saudi National Automotive Manufacturing Co. and KG Mobility, with Alkhorayef visiting KG Mobility's factory to understand their achievements and plans for electric vehicles.
The visit supports efforts to reinforce Saudi-Korean relations, with bilateral non-oil trade involving SR7.2 billion in Saudi exports to Korea and SR18.4 billion in imports from Korea in 2022.