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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.


The Korea-Saudi Vision 2030 is a joint vision of the two countries in line with Saudi Vision 2030, a blueprint for realizing sustainable growth and new economic drivers while reducing Saudi Arabia’s dependence on its oil income. 


In joint attendance with the two Ministers were approximately 20 officials from relevant ministries of both countries. Discussions facilitated around major achievements of 40 task projects of 5 areas before proceeding onto talks on future bilateral 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. 


Moreover, in an effort to secure alternative water resources, Saudi-catered desalination technology has been developed and is set for pilot operation in March 2022. Another MOU was signed in June 2019 between Korea and Saudi’s local hospitals for advancing hospital information systems to enable contactless medical treatment. 


The two sides have also agreed to engage in financial cooperation via investments in SMEs and startups, led by Korea Venture Investment Corporation and Saudi Venture Capital Company with aim to promote investment partnerships for promising SMEs and startups.


Minister Moon noted the 60-year span of Korea-Saudi diplomatic relations and emphasized the need for concerted efforts in various new industries like hydrogen and digital transition. This 3rd Committee Meeting was significant in that it marked the upgrading of the existing bilateral cooperation to Korea-Saudi Vision 2030 2.0, which further diversifies the range of cooperation into healthcare, education and such future industries.