Saudi Arabia, South Korea deepen economic and trade ties

Photo courtesy of Saudi Arabia’s Ministry of Economy and Planning

Saudi Arabia’s Minister of Economy and Planning, Mohammed Al-Tuwaijri, and his Korean counterpart, Sung Yoon-mo, Minister of Trade, Industry and Energy, have decided to strengthen the bilateral partnership, the Centre for International Communication (CIC) said in a statement.

Also read: Saudi Arabia, South Korea ink nuclear energy deal

The two sides reviewed economic cooperation and discussed future plans at the latest Saudi-Korean Vision 2030 Committee meeting held in Seoul on April 3.

The meeting aims to identify, monitor and support B2B and G2G co-operation in five sectors under the Saudi-Korean Vision 2030.

Six memorandums and agreements were inked between both sides in areas such as technical cooperation in the field of energy efficiency, material testing and certification, plastic gas pipe factory, and distribution agreement for stem cells products and cosmetic surgical products, CIC statement added.

The two countries also established a youth think tank group. The aim is to gain a fresh perspective of the Saudi-Korean Vision 2030 and provide opportunities for them as future torch-bearers.