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Thu 2 Nov 2017 10:23 AM

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Saudi Arabia and South Korea announce new business alliance

Launch of Saudi-Korea Vision 2030 committee to boost business ventures between the two countries

Saudi Arabia and South Korea announce new business alliance
Adel bin Muhammad Fakeih, Saudi Arabian Minister of Economy & Planning.

Saudi Arabia and South Korea announced the launch of a new joint business committee to strengthen business ties and support new ventures among 400 companies on Wednesday.

The Saudi-Korea Vision 2030 Committee aims to boost business cooperation, networking opportunities and support the Kingdom’s Vision 2030 economic reforms, according to a document on the plan released by Saudi Arabia’s Minister of economy and planning.

According to the document the two countries will work together in five areas, identified as opportunities for collaboration: energy and manufacturing, smart infrastructure and digitisation, capacity building in industrial research and education, healthcare and life sciences, and SMEs and investment.

The Saudi-Korea Vision 2030 Committee “focuses on supporting business ventures between the two countries,” Youngjae Kim, diplomat and negotiator at Embassy of the Republic of Korea in Saudi Arabia, told Arab News on Tuesday.

The two countries have already agreed to collaborate on 40 projects across the five key sectors, including joint investments in shipbuilding; desalination and solar power plants; nuclear power plants; automobile production; a centre for e-government cooperation; robotics; smart city traffic control systems; smart CCTV and social safety infrastructure; new economic city development; a Saudi national health insurance system; funding for SME joint ventures; business matchmaking of SMEs; and the construction and operation of theme parks, Kim said.

The new partnership was announced at the 18th South Korean and Saudi Arabia Joint Committee Meeting (JCM) in Seoul on Friday, where South Korean Foreign Minister Kang Kyung-wha said that Korea’s technical expertise and experience in economic industrialization, makes them an optimal partner in helping to promote Saudi Arabia’s economic diversification and reform efforts under Vision 2030, reported South Korean news agency Yonhap.

Saudi Arabia also announced that they would place an order for two commercial nuclear power plants in an International Atomic Energy Agency ministerial meeting in Abu Dhabi on Monday, a report by Korean business portal Business Korea said.

As the world’s leader in power plant manufacturing, South Korean nuclear power plants require much less power generation and operation and management costs, according to the report.

Saudi Arabia will prepare to launch the tender for a $20bn construction project of the two 1.4 GW nuclear power plants in the kingdom this year, Business Korea said.

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