[THE INVESTOR] South Korea and Saudi Arabia have agreed to strengthen cooperation in automotive, electronics and other industries, Korea’s Ministry of Trade, Industry and Energy said on July 4.

The ministry and Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources have agreed to establish a committee for industrial cooperation that will convene twice a year. 

The agreement was reached between Korean Industry Minister Joo Hyung-hwan and his Saudi counterpart Khalid A. Al-Falih on July 1.

Under the deal, the two countries will discuss a wide range of plans including collaborative investments in the automotive industry, and cooperating in entering other market.

At the ministerial meeting, the Saudi minister said that his country plans to cultivate automotive, shipbuilding, chemical, IT and other industries, and that more infrastructure investment will be made.

He also said that his country considers South Korea as a potential strategic partner in its drive to achieve the vision 2030 plan. Under the vision 2030 plan, Saudi Arabia plans to reduce its economy’s reliance on oil and strive to cultivate a range of industries.


By Choi He-suk (cheesuk@heraldcorp.com)