Korea and Saudi Arabia have solidified their partnership with a substantial agreement, signing over 50 business deals that encompass a wide range of sectors, from energy and manufacturing to infrastructure and robotics, which includes transformer substation projects.

The agreements, which include 40 memoranda of understanding (MOUs) and six contracts, were officially sealed at the 2023 Korea-Saudi Arabia Investment Forum, a joint effort by the Federation of Korean Industries and the Saudi Arabian Ministry of Investment. These deals serve to further strengthen the bond between both countries, as well as between their respective companies.

In the energy sector, two contracts and five MOUs were inked. Korea National Oil Corp. and Saudi Arabia's Aramco signed a contract to collaborate on petroleum storage. Additionally, Korea's HD Hyundai Electric and Saudi Arabia's Algihaz Contracting Company entered into an agreement for transformer substation projects.

But the collaborations didn't stop there. Korea Electric Power Corp., POSCO Holdings, and Lotte Chemical, along with Aramco, signed a letter of intent for a substantial $15.5 billion project aimed at producing blue ammonia, a hydrogen-nitrogen compound. This project forms part of the countries' efforts to manufacture hydrogen jointly.

In infrastructure and plant development, another contract was signed between Korea's Dohwa Engineering and Saudi Arabia's SAB Investment, focusing on the development of the riverside region along Jazal River in Saudi Arabia. Hyundai E&C and the Saudi Arabian investment ministry inked an MOU to collaborate on real estate and infrastructure investments within the Middle Eastern nation.

The agreements also extend to manufacturing, with Hyundai Motor Group and Saudi Arabia's Public Investment Fund joining forces to build an automobile assembly factory in Saudi Arabia. Korea's BMT and Saudi Arabia's Industrial Systems Group also signed a contract to establish a consortium to promote Korean products in the Saudi Arabian market.

In the field of future industries, the two nations are set to cooperate in various domains, including robotics, smart solutions, cosmetics, and sports. Korea's Poonglim Pharmatech and Saudi Arabia's All Care Group For Investment have entered into a contract to create a joint venture factory for manufacturing medical devices.

These agreements build on the success of previous collaborations and reflect the substantial potential for growth in both countries' economies. The partnership between Korea and Saudi Arabia is thriving, with a focus on key industries that promise mutual benefits and progress.

Source: koreatimes.co.kr