Among the agreements was a joint venture between Saudi Aramco and Hyundai Heavy Industries to develop a world-class shipyard in Ras Al-Khair. This project is expected to boost Saudi Arabia's maritime industry and create thousands of jobs, contributing to the kingdom's Vision 2030 economic diversification plan.
Another notable agreement involved Samsung Engineering and Saudi Arabia’s Public Investment Fund, focusing on renewable energy projects. This partnership aims to advance green energy initiatives, aligning with global efforts to combat climate change and reduce carbon emissions. The collaboration underscores both nations' commitment to sustainable development and technological innovation in the energy sector.
The automotive industry also saw significant advancements, with an agreement between Saudi Arabia’s National Industrial Development and Logistics Program and Hyundai Motor Company. This deal will facilitate the establishment of an electric vehicle (EV) manufacturing plant in Saudi Arabia, positioning the kingdom as a key player in the EV market. The move is expected to attract substantial foreign investment and foster technological expertise within the region.
In the healthcare sector, Samsung Biologics signed a memorandum of understanding with the Saudi Ministry of Health to develop biotechnology facilities in Saudi Arabia. This collaboration aims to enhance the kingdom's biopharmaceutical capabilities, ensuring better healthcare services and fostering innovation in the medical field.
The construction industry witnessed a significant agreement between Saudi Arabia’s ACWA Power and South Korea’s POSCO Holdings. This partnership will focus on developing infrastructure projects, including power plants and water desalination facilities, to meet the growing demand for energy and water resources in the kingdom.
Additionally, a cultural exchange program was established between the Saudi Ministry of Culture and South Korea's Ministry of Culture, Sports and Tourism. This initiative aims to promote mutual understanding and strengthen cultural ties through various programs and events, highlighting the rich heritage and traditions of both nations.
The forum also saw agreements in the technology sector, with a focus on digital transformation and smart city initiatives. Saudi Telecom Company (STC) and SK Telecom signed a partnership to develop 5G networks and advanced telecommunications infrastructure in Saudi Arabia. This collaboration is set to enhance connectivity and support the kingdom's ambition to become a digital hub in the region.
Saudi Arabia’s Minister of Investment expressed optimism about the agreements, emphasizing their potential to drive economic growth and create new opportunities for both countries. South Korea's Minister of Trade, Industry and Energy highlighted the strategic importance of these partnerships in enhancing bilateral relations and fostering innovation.
The business forum underscored the shared vision of Saudi Arabia and South Korea to strengthen economic ties and explore new avenues of cooperation. The agreements reflect a mutual commitment to innovation, sustainable development, and economic diversification, setting the stage for a robust and dynamic partnership.
The event concluded with a commitment from both nations to continue exploring opportunities for collaboration, fostering a stronger economic relationship that benefits both economies and contributes to regional and global stability.