Hydrogen Economy Joined with the Middle East... 'Korea-Saudi Smart Innovation Growth Forum' Held

Saudi Arabia Advances 'Saudi Vision 2030'... Transitioning to a Hydrogen Exporter
Korean Companies Collaborate in Five Key Areas: Energy, Digital, Healthcare, Trade, and More

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Businesspeople from Korea and Saudi Arabia are joining hands to revitalize the hydrogen economy.

The Korea Chamber of Commerce and Industry announced on the 19th that it held the 'Korea-Saudi Smart Innovation Growth Forum' at the Ritz-Carlton Hotel in Riyadh, Saudi Arabia, jointly with the Council of Saudi Chambers (CSC), KOTRA, and Saudi NCPP. President Moon Jae-in, who officially visited Saudi Arabia for the first time since his inauguration, personally attended the forum held the previous day to encourage businesspeople from both countries.

‘Mohammed bin Salman,’ Crown Prince of Saudi Arabia, announced and has been promoting the 'Saudi Vision 2030' since 2016 to move the Saudi economy away from oil dependency. Korean companies are cooperating with Saudi Arabia as practical partners of 'Saudi Vision 2030' focusing on five major areas: ▲manufacturing and energy ▲digital and smart infrastructure ▲capacity building ▲health and life sciences ▲expansion of trade and investment in small and medium enterprises.

In particular, Saudi Arabia is focusing on hydrogen as an energy source to replace crude oil with the goal of carbon neutrality by 2060. It aims to produce 4 million tons of hydrogen by 2030 and is seeking a long-term transition from being the 'world's largest crude oil exporter' to the 'world's largest hydrogen exporter.'

During the presentation session, topics on bilateral cooperation in the hydrogen economy and bio sectors were discussed. Yoo Byung-ok, Vice President of POSCO, presented the 'Korea-Saudi Hydrogen Economy Cooperation Strategy,' highlighting the necessity of hydrogen as a future core new growth business and outlining the hydrogen business roadmap. Additionally, Park Han-oh, CEO of Bioneer, presented the 'Korea-Saudi Bioindustry Cooperation Strategy,' reviewing the achievements in responding to the COVID-19 pandemic through bilateral cooperation and discussing future measures and cooperation plans for infectious disease response.

Gong Young-woon, Chairman of the Korea-Saudi Economic Cooperation Committee at the Korea Chamber of Commerce and Industry, said, "Since 1998, the Korea Chamber of Commerce and Industry and the Council of Saudi Chambers have jointly established the 'Korea-Saudi Economic Cooperation Committee' to discuss economic cooperation measures between the two countries," adding, "Energy and manufacturing, ICT, workforce development, healthcare, and SMEs are fields where both countries need to strengthen cooperation to prepare for the future."

Meanwhile, on the Korean side, about 60 people attended, including Gong Young-woon, Chairman of the Korea-Saudi Economic Cooperation Committee (President of Hyundai Motor Company), Moon Seung-wook, Minister of Trade, Industry and Energy, Yoo Jung-yeol, President of KOTRA, Choi Chang-won, Vice Chairman of SK Discovery, Oh Se-cheol, President of Samsung C&T, Hussein Al-Qatani, CEO of S-OIL, Jung Seung-il, President of Korea Electric Power Corporation, Jung Il-taek, President of Kumho Tire, Yoo Byung-ok, Vice President of POSCO, and Park Han-oh, CEO of Bioneer. On the Saudi side, about 60 people attended, including Mohamed Al-Ajlan, Chairman of the Council of Saudi Chambers, and Yasir Osman Al-Rumayyan, Governor of the Public Investment Fund (PIF) of Saudi Arabia and Chairman of Aramco.

This content was produced with the assistance of AI translation services.