Saudi Arabia and South Korea Sign MoU for Vaccine and Biotechnology Manufacturing
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 Saudi's 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 agreement was reached during talks between Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, and South Korean Minister of Trade, Industry and Energy, Lee Chang-yang, in Seoul.
Their discussions focused on enhancing industrial ties and exploring new investment prospects in various sectors. They also considered increasing non-oil trade and exports.
The meeting underscored the strong bilateral relationship between the two nations and the importance of mutual visits to progress in industries like mining.