LS Group has signed a memorandum of understanding (MOU) with Saudi Arabia, the world’s leading oil exporter, for business cooperation and market entry.
On Dec. 12, LS Group Chairman Koo Ja-eun met with Saudi Arabian Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and CEO of the Industrial Development Fund Sultan Al Saud in the central Gwanghwamun area of Seoul. They discussed cooperation for the mutual achievement of Saudi Arabia’s Vision 2030 for manufacturing attraction and LS Group’s Vision 2030 for Carbon-Free Electricity (CFE) promotion.
LS signed an MOU with the National Industrial Development Center (NIDC), under the Saudi Ministry of Industry and Mineral Resources, to form a joint collaboration team to explore and concretize new business opportunities for LS Group in Saudi Arabia.
Since 2016, Saudi Arabia has been implementing the Saudi Vision 2030 economic reform project, aiming to build an economy independent of oil, with a particular focus on attracting manufacturing industries.
LS Group, as part of its own Vision 2030 goals announced in January this year, declared that it would become a key partner in leading future industries and Carbon-Free Electricity (CFE), actively pursuing businesses in power infrastructure, secondary battery materials, electric vehicle charging solutions, and eco-friendly energy.
Chairman Koo Ja-eun stated, “Since our first order for 132 KV high-voltage cables in 1986, LS Group has been actively engaged in business with Saudi Arabia. We are grateful for the support from the minister and other officials for cooperation between LS Group and Saudi Arabia. Through this MOU, LS will capture collaboration opportunities in the M&E field and support concrete results.”