FTA/Economic Cooperation
- Korea and Saudi Arabia hold 3rd Vision 2030 Committee Meeting 2022-01-20
Trade, Industry, and Energy Minister Moon Sung-wook co-hosted the 3rd Korea-Saudi Vision 2030 Committee Meeting in Riyadh with Saudi Investment Minister Khalid al-Falih on January 18 to discuss major achievements and future cooperation.
Several major accomplishments were noted during the meeting, one of which is the MOU for a USD 940 million joint casting-forging plant within the King Salman International Maritime Industries Complex in Ras Al-Khair, Saudi Arabia. Construction is to kick off this year for completion by 2025. Minister Moon also emphasized the need for concerted efforts in various new industries like hydrogen and digital transition.
In joint attendance with the two Ministers were approximately 20 officials from relevant ministries of both countries, half of which were Saudi Arabia's Investment Ministry officials.