Trade, Industry and Energy Minister Moon Sungwook visited Saudi Arabia on January 5 at the invitation of Saudi Arabia’s Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud, to discuss matters on energy and economic cooperation, together with Riyadh Chamber of Commerce and Industry Chairman Ajlan Al Ajlan.

In talks with Minister Abdulaziz bin Salman, Minister Moon addressed the strong energy cooperation of the two countries, regarding oil, nuclear power and such conventional energy sources. The two Ministers agreed to strengthen their policy collaborations for bringing about an energy transition to lower carbon economy, in line with international response to climate change.

In addition to expressing Korea’s interest in Saudi’s large-scale nuclear power plant businesses, Minister Moon also proposed that efforts be made towards expanding the cooperation base over to renewables and hydrogen energy. This entails commitment from both countries to heighten public-private participation in nuclear power, hydrogen and other renewable energy sectors.

Minister Abdulaziz bin Salman showed his high opinion of Korea’s nuclear power potential, and affirmed Saudi’s commitment to continued cooperation with Korea across all energy sectors.

During another meeting on energy policies, the Ministers discussed public-private cooperation measures for transition to low carbon economy. They agreed that bilateral cooperation potential would be great in many areas, especially hydrogen, carbon capture and storage, and energy efficiency. This meeting was attended by Korean and Saudi corporations including KEPCO, H2Korea, Aramco, and SABIC.

Minister Moon also met with Korean local entrepreneurs to discuss measures for expanding Korea-Saudi business exchange. He noted that “By building on the Saudi Vision 2030, Korean companies have written many success stories in shipbuilding, petrochemicals, energy and infrastructure sectors,” and that “new opportunities can be opened up in areas like hydrogen and bio-industry as well.”