Saudi Arabia and South Korea Ink MoU for the Production of Vaccines and Biotechnology
Saudi Arabia and South Korea have entered into an agreement to collaborate on vaccine and biotechnology production.
The partnership, formalized through a Memorandum of Understanding (MoU), involves the Saudi Authority for Industrial Cities and Technology Zones (MODON) and South Korea's GL Rapha Holding Company.
They plan to develop a 51,000 square meter industrial site in Sudair City with an investment of 750 million Saudi Riyals.
This initiative was announced during discussions in Seoul between Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, and Korean Minister of Trade, Industry and Energy, Lee Chang-yang.
Al-Khorayef's official visit to South Korea facilitated talks to enhance industrial ties and explore mutual investments across various industries, focusing on mining and non-oil sectors.
The ministers acknowledged the strong bilateral relationship and the benefits of continued exchange to promote growth in targeted industrial sectors.