Lee Chang-yang, the minister of industry for South Korea, and Khalid al-Faleh, the minister of investments for Saudi Arabia, talked about boosting trade and investment between their two nations.

Minister Lee urged enhancing cooperation between the government and businesses in these industries, noting that two-country cooperation, focusing on energy, building, and plants, is spreading to fields of future energy including smart cities and hydrogen, as well as games and entertainment.

The “Korea-Saudi Vision 2030 Committee,” which was established in 2017 to find collaborative initiatives in emerging industries, was also thought by the Ministers to have been a focal point for complementary economic cooperation.

They also decided to advance their economic cooperation on the occasion of the 60th anniversary of the two nations’ diplomatic relations.

The group has also received great appreciation for identifying 39 joint initiatives in the areas of manufacturing/energy, digital/smart infrastructure, health/life science, and small and medium-sized enterprises/investment through its first three meetings.

Both parties agreed that the Committee needs to be developed further as a platform for future development in order to meet the increased demands for collaboration brought on by the shift to a low-carbon economic system and the arrival of the fourth industrial revolution.

Additionally, they decided to continually find collaborative projects in new industries such smart cities, future energy, and cultural contents by establishing the 4th Korea-Saudi Vision 2030 Committee.