The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that Korea and Saudi Arabia launched the Korea-Saudi Vision 2030 Committee and held a first ministerial-level meeting of the bilateral cooperation platform.
The Korea-Saudi Vision 2030 Committee was set up to systemically support cooperation on the implementation of the Vision 2030, the Kingdom’s new roadmap for development.
The Committee will have a central role in the two countries’ collaborations for the Vision 2030 - selecting, monitoring, facilitating, and resolving any difficulties in joint projects in private and public sectors.
Trade, Industry and Energy Minister Paik Ungyu said, “The two governments have recognized the importance of cooperation towards the Vision 2030 and have made efforts to establish a strategic partnership for it, which led to the launch of the Korea-Saudi Vision 2030 Committee.”
“This is of great significance that a ministerial-level cooperation platform has been set up, enabling the two countries to cooperate during the implementation of Saudi Arabia’s Vision 2030.”
The MOTIE and Saudi Arabia’s Ministry of Economy and Planning (MEP) held a first meeting of the committee on October 27 in a hotel in downtown Seoul.
At the meeting, the two countries’ delegations chose 40 joint projects under five themes including manufacturing and energy; smart infrastructure and digitization; capacity building; healthcare and life sciences; and small and medium enterprises (SMEs) and investments.
The MOTIE and the MEP will be the enablers of the committee and a vision realization office will be set up in each government to monitor implementation of joint projects and help resolve any challenges.
During the meeting, Minister Paik and Saudi Arabian Minister of Economy and Planning Adel M. Fakeih signed a memorandum of cooperation for the Vision 2030 to confirm the two government’s commitment to the program.
The Ministry expects collaborations for the Vision 2030 will be mutually beneficial as Korea would help accelerate diversification of the Saudi industries and find new opportunities in the process. The program would expand the areas of bilateral cooperation from energy and construction to new fields including manufacturing, IT, and healthcare, and eventually contribute to the two nations take their relations to the next level.
The second meeting of the committee will take place in Riyadh next year.
On Oct. 26 ahead of the committee meeting, Minister Paik and Minister Fakeih met and the MOTIE hosted the Korea-Saudi Vision 2030 Business Forum in a hotel in eastern Seoul.
In a separate ministerial meeting, Minister Paik and Minister Fakeih discussed Saudi Arabia’s plan to build commercial nuclear reactors. Minister Paik expressed Korea’s intention to bid for a new project and highlighted the country’s experiences of building and operating reactors for more than four decades as well as the track record of completing projects within budget on schedule.
At the Korea-Saudi Vision 2030 Business Forum, government officials and business leaders of the two countries presented potential opportunities in the partnership.
Ambassador to Saudi Arabia Kwon Pyung-oh underscored the two partners would be able to discover various mutually beneficial joint projects that combine Saudi Arabia’s need for investment, technology transfer and talent training and Korea’s strength in implementing policies. Officials of the Saudi government shared their strategies to promote the Vision 2030 including investment to nurture new growth engines, suggesting the Korean government and businesses to make most out of the opportunities.
Minister Paik, Minister Fakeih, and more than 300 business representatives from the two countries attended the forum.
The forum was followed by a consultation session organized by the Korea Trade-Investment Promotion Agency (KOTRA) and joined by 90 domestic companies and 41 Saudi firms. Over 200 consultations covering the five different areas of bilateral cooperation for the Vision 2030 took place, providing the participating companies with networking opportunities.
KOTRA will review the outcomes of consultations and form a delegation of companies to visit the Kingdom.
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