Saudi and South Korea Ink 52 MoU To Promote Various Sectors
On the margins of the Saudi-Korean Investment Forum, Saudi Arabia and South Korea inked 52 memorandums of understanding for collaboration in various sectors. The agreements include a wide range of industries, including tourism, supply chains, real estate development, technology, and transportation.
The Saudi-Korean Investment Forum includes a plethora of sessions and discussions, both at the ministerial and executive levels. The ceremony coincides with the visit of South Korean President Yoon Suk Yeol to the Kingdom, underlining the Kingdom's strong investment ties with Korea.
The joint fund was established with over $160 million to further support mutual investment activities. The agreements encompass technology transfer, such as the one with the Saudi National Automobiles Manufacturing Company. Additionally, the CEO of SNAM, Fahd S. Al-Dohish mentioned that the first production of two car models, the sport utility vehicles and pickups, is set to begin shortly, as per arab news.
Saudi Arabia has achieved considerable advances in the field of electric vehicles in recent years, with the launch of premium brands and electric automobiles.
Furthermore, developing Saudi enterprises are ready to come into and form partnerships with their Korean counterparts to construct factories, transfer technology, and hire an electric vehicle-skilled workforce. It's worth noting that Lucid Group, funded by the Public Investment Fund, built its first overseas production plant in Saudi Arabia's King Abdullah Economic City earlier this month.