There were six memorandums and agreements inked covering various activities including technical cooperation in energy efficiency, material testing and certification, and distribution agreement for stem cell products.
Sung Yoon-mo, Minister of Trade, Industry and Energy in South Korea and Saudi Arabia’s Minister of Economy and Planning, Mohammed Al-Tuwaijri took a decisive step towards strengthening the two countries’ strategic partnership during the second Saudi-Korean Vision 2030 meeting in in Seoul on Wednesday April 3.
As part of the effort that was launched in October 2017, the two sides represented by HE Mr. Al-Tuwaijri and HE Mr. Sung Yoon-mo, respectively, reviewed economic cooperation as they discussed future plans at the latest Saudi-Korean Vision 2030 Committee meeting, which aims to identify, monitor and support B2B and G2G co-operation in five sectors under the Saudi-Korean Vision 2030.
A business forum held on April 3 on the sidelines of the meeting was attended by entrepreneurs and government officials from the two countries as it underscored the significance of the strategic partnership. The forum was attended by 110 companies from both countries and was followed by networking sessions.
During the ministerial meeting both sides expressed their commitment to opening Vision Realization Offices in the capital cities of Riyadh and Seoul that would oversee the implementation of the Saudi-Korean Vision 2030 cooperation. The Vision Realization Office assumes the central role in monitoring the implementation of the initiatives, as well as identifying and reporting challenges and mitigating influences to the committee. Seoul and Riyadh are planning a central role for the Vision Realization Offices to ensure a solid cooperation.
Addressing the forum, Mr. Al-Tuwaijri said: “This is a fantastic point in time and I am very optimistic. Both countries are keen and determined, opportunities are there and funding is available. We are eager to see the private sector of both countries actively engaged. The government is there to help.”
Highlighting the time-tested bilateral relations, Mr. Al-Tuwaijri said: "Saudi-Korean ties date back more than 50 years, as we are standing here during the second Saudi-Korean Vision 2030 meeting. Our commitment to the relationship with South Korea is evident. Currently, we have 40 initiatives under the umbrella of the Saudi-Korean Vision 2030 and new initiatives are consistently added. One notable outcome of the Saudi-Korean Vision 2030 is to easer visa regulations for Korean businessmen wanting to enter Saudi Arabia. The Saudi-Korean Vision is not only a platform for both our governments, but also for the private sector to play a stronger role in strengthening the economic relationship."
Sung Yoon-mo Minister of MOTIE said: “The Saudi-Korean Vision 2030 cooperation will provide win-win opportunities such as expediting Saudi Arabia’s industrial diversification by sharing Korean technology and experience and creating new business opportunities for Korea.”
Today’s meeting, the second since the inaugural one in 2017, was attended by ministries of land, infrastructure and transport; health and welfare; and SMEs, startups and agencies such as KDI, KCL and KIRIA; from the Korean side; and the Ministry of Energy, Industry, and Mineral Resources (MEIM), Saudi Standards, Metrology and Quality Org (SASO), the Ministry of Health, Small & Medium Enterprises General Authority SMEA and the Ministry of Communication and Information Technology (MCIT), among others from Saudi Arabia, as well as businessmen and executives representing the private sector.
Six memorandums and agreements were inked between entities from both sides covering various activities such as technical cooperation in the field of energy efficiency, material testing and certification, plastic gas pipe factory, and distribution agreement for stem cells products and cosmetic surgical products.
Meanwhile, the Korea Development Institute (KDI) and the Saudi Center for Strategic Development (CSD) are planning to sign a reciprocal MOC (Memorandum of Cooperation) that encompasses programs in areas such as research, education, training, expert exchanges and knowledge sharing on April 4. Part of the agreement is to design an economic awareness program for capacity building.
The two countries also established a youth think tank group. The aim is to gain a fresh perspective of the Saudi-Korean Vision 2030 and provide opportunities for them as future torchbearers.