Korea-Saudi 'Vision 2030 Committee' Meeting Held

Eleven major government ministries from Korea and Saudi Arabia gathered in one place to outline a blueprint for economic cooperation between the two countries.

On the 13th, Visit Kyoo Bae, Minister of Trade, Industry and Energy of Korea and Khalid Al-Falih, Minister of Investment of Saudi Arabia, who are the chief representatives of the 'Korea-Saudi Vision 2030 Committee,' held the 4th committee meeting in Seoul (Four Seasons Hotel) with deputy ministers and division heads at the director-general level from both countries' ministries in attendance.

Both sides confirmed that the 26 Korea-Saudi summit economic diplomacy achievements, concluded during the official visit of Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia in November last year, are progressing normally. In particular, they agreed that future economic cooperation achievements will be managed by this committee. They also reviewed the implementation status of the existing 39 cooperation projects under the 'Korea-Saudi Vision 2030 Committee' and discovered a total of 17 new cooperation projects, agreeing to actively promote a total of 56 cooperation projects.

Entering its seventh year since its launch, the 'Korea-Saudi Vision 2030 Committee' is a bilateral government cooperation channel established in 2017 under the 'Korea-Saudi Vision 2030 Memorandum of Cooperation (MoC).' It has managed the implementation of promising cooperation projects among governments, institutions, and companies, focusing on five divisions: ▲Manufacturing & Energy, ▲Smart Infrastructure, ▲Capacity Building, ▲Healthcare, and ▲Small and Medium Enterprises & Investment. Since the 3rd committee meeting was held in Riyadh, Saudi Arabia, in January 2022, the fourth meeting was held in Seoul after one year and nine months.

The government plans to promote newly discovered cooperation projects in fields such as automobiles, bio, mobile payments, games, and entertainment identified at this committee meeting. In addition, while exploring the entry of Korean companies into Saudi Arabia, it will also promote cooperation in technology and product certification to support expanding exports throughout the Middle East region using Saudi Arabia as a base.

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