Saudi Arabia, South Korea to collaborate on Vision 2030 projects
Gulf and Asian superpowers discuss 40 cooperation projects in sectors such as manufacturing, energy, and smart infrastructure
South Korea and Saudi Arabia vowed to strengthen bilateral ties in various key sectors under the kingdom’s Vision 2030 agenda at the second meeting of Korea-Saudi Vision 2030 Committee, which was formed in November 2017.
According to a statement by South Korea’s Ministry of Trade, Industry, and Energy, an agreement to spur bilateral collaboration was signed in South Korean capital, Seoul, on the side-lines of the event.
During the meeting, the two countries discussed 40 cooperation projects in five different areas, as well as their implementation plans. These Vision 2030-oriented projects cover sectors including manufacturing and energy; digital and smart infrastructure; capability enhancement; public healthcare and life sciences; and small and medium enterprises (SMEs) and investment.
The agreement was signed between Sung Yun-mo, South Korea’s Trade, Industry, and Energy Minister, and Saudi Arabia’s Economy and Planning Minister, Mohammed Al-Tuwaijri.
Both sides also inked a memorandum of understanding to step up cooperation in testing and certifying energy efficiency materials.
This deal was signed between Korea Conformity Laboratories president, Yoon Kap-seok, and governor of Saudi Standards, Metrology, and Quality Organisation, Saad bin Othman Al-Qasabi.
South Korea already has a solid presence in the GCC. In February 2019, SK Engineering & Construction Company was awarded an $1.2bn (AED4.4bn) engineering, procurement, and construction contract for Abu Dhabi National Oil Company’s (Adnoc) underground oil storage facility in Fujairah.
March 2018 saw Adnoc award two contracts to another Korean contractor, Samsung Engineering, with one deal each to introduce crude oil processing flexibility, and to recover power and water, at its Ruwais refinery.