Korea Trade-Investment Promotion Agency (KOTRA) and Korea Chamber of Commerce and Industry (KCCI) jointly hosted the Korea-Saudi Smart Innovation Growth Forum, in cooperation with the Council of Saudi Chambers (CSC) and National Companies Promotion Program (NCPP) of Saudi Arabia, at the Ritz Carlton hotel in Riyadh on Jan. 18.
President Moon Jae-in, on his first official visit to Saudi Arabia since he took office, participated in the forum, and gave words of encouragement to businessmen from both sides.
Among those on hand at the event from the Korean side were President Moon, Minister Moon Sung-wook of the Ministry of Trade, Industry and Energy, Chairman Kong Young-woon of the Korean-Saudi Economic Cooperation Committee and concurrently president of Hyundai Motor, Vice Chairman Choi Chang-won of SK Discovery, President Oh Se-chul of Samsung C&T, S-OIL CEO Hussain Al Qahtani, President Cheong Seung-il of Korea Electric Power Corp., and President Jeong Il-taek of Kumho Tire and CEO Park Han-oh of Bioneer Corp.
The forum coincided with ceremonies to sign MOUs. Also partaking in the events were businessmen and government agency heads from both the Korean and Saudi sides in sectors such as hydrogen cooperation, bio, digital, infrastructure and manufacturing.
Participants agreed to ramp up cooperation in the “Saudi Vision 2030” by exploring businesses to cope with the COVID-19 pandemic, carbon neutrality and digital transformation.
Korea, one of major countries cooperating in the Saudi Vision 2030, has implemented collaboration projects in five major areas: manufacturing/energy, digital/smart infrastructure, strengthening of capabilities, health/life science, and expanding of SME trade and investment.
The forum served as an opportunity to expand a foothold to boost economic cooperation in areas such as hydrogen, bio, digital, infrastructure and manufacturing among governments and companies of both sides.
Saudi Arabia is seeking to diversify industries and pursue phasing out fossil fuels, in keeping with the Saudi Vision 2030.
The Middle Eastern country is focusing on hydrogen as an energy resource to replace crude oil, with the goal of achieving carbon neutrality by 2060.
Saudi Arabia is trying to reposition its status as the world’s biggest crude oil producer to the world’s biggest hydrogen exporter. Korea has so far promoted cooperation with Saudi Arabia to secure the hydrogen supply chain on a government and private sector levels.
Such efforts had led to the holding of the Korean-Saudi forum. Many out of MOUs, signed in the presence of President Moon, were coupled with cooperation of both countries in the hydrogen sector.
They included an MOU on cooperation in hydrogen and ammonia between KEPCO and Aramco, an MOU on hydrogen cooperation between H2KOREA and Aramco, an MOU on green hydrogen cooperation among POSCO, Samsung C&T and PIF, an MOU on building hydrogen supply chain between S-OIL and Aramco, an MOU on cooperation in the introducing of thermal crude to chemicals technology and the executing of projects between S-OIL and Aramco, an MOU on R&D cooperation between S-OIL and Aramco, an MOU on cooperation in Korean venture companies between S-OIL and Aramco, an MOU on joint cooperation in commercialization of blue ammonia and blue hydrogen between Hyundai Oilbank and Aramco, and an MOU on energy transition in the power generation sector among KEPCO, SEC and ACWA Power.
Prior to the forum, KOTRA struck an MOU on cooperation in the Oasis Residence Compound Project with Oasis Residence (REC). The deal was designed to promote collaboration in the construction project sector through K-style housing design in Saudi Arabia.
In particular, the project calls for raising the quality of Saudi residents by transferring Korean-lifestyle to Saudi Arabia through reflecting of Korean construction methods to the conventional Saudi compounds. Korea plans to explore Korean housing equipment and material makers with a competitive price edge and offer them to Saudi side. KOTRA will offer support to the selected Korean suppliers so that they can save logistics costs.
KOTRA President Yu Jeong-yeol said, “Saudi Arabia with the biggest economic scale in the region of the Middle East and North Africa, is our important economic partner.”
In particular, he said Korea, one of the major cooperative countries of the Saudi Vision 2030, will spare no efforts to ramp up mutual trade and investment cooperation in areas such as hydrogen, digital transformation and infrastructure.
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