Industry ministers of Saudi Arabia and South Korea met in Seoul, marking a milestone in its ongoing bilateral trade. Saudi Arabia Industry and Mineral Resources Minister Bandar Alkhorayef met Korean Trade, Industry, and Energy Minister Lee Chang-yang on December 16. The two nations discussed opportunities to enhance industrial cooperation.
The ministers signed a memorandum of understanding (MoU) during the meeting between the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, and the Korean GL Rapha Holding Co. with an investment value of $199.93 million, the Saudi Press Agency reported. The MoU focuses on the manufacturing of vaccines, biotechnology, and chemicals by allocating 51,000 square meters of industrial land in Sudair City in Saudi for Industry and Business.
The two nations deliberated on developments in joint projects, agreements, and investment opportunities in various industrial sectors. The meeting discussed plans to increase trade exchange and possibilities for developing non-oil exports. The meeting also stressed the historical relations and the significance of mutual visits to boost joint relations to new levels, including the industrial and mining sectors. In addition, ratification of a MoU between the Saudi National Automotive Manufacturing Co. and KG Mobility took place.
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