South Korea and Saudi Arabia are planning to strengthen their cooperation in the fields of automobile, health insurance system improvement, information and communications technology, smart city construction and airport construction.

The Ministry of Trade, Industry and Energy of South Korea announced that Saudi Economy Minister Mohammed Al-Tuwaijri and its minister Sung Yoon-mo held the second Korea-Saudi Arabia Vision 2030 Committee meeting in Seoul on April 3 to discuss cooperation in diverse fields.

At present, Saudi Arabia is moving ahead with the Vision 2030 Project for industrial diversification and an economic structure less dependent on petroleum and South Korea is working with Saudi Arabia in the project. Saudi Arabia is planning to open its Vision Office for further cooperation in Seoul.

Saudi Arabian and South Korean companies are working closely with each other in the healthcare and medical fields, too. For instance, Samsung Engineering recently signed a memorandum of understanding (MOU) for drug manufacturing facility construction in Saudi Arabia and Genius signed an MOU related to genome research and analysis services.

In addition, JK Plastic Surgery Center concluded an MOU for plastic surgery center construction and management in Saudi Arabia. PanGen Biotech entered into a contract so that Saudi Arabia can sell its biosimilars to Gulf Cooperation Council member countries.