Seoul, South Korea – Saudi Arabia and South Korea on Sunday signed a Memorandum of Understanding (MoU) to collaborate in manufacturing vaccines and biotech solutions.
The agreement was inked between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the South Korean GL Rapha Holding Company, Saudi Gazette reported.
As part of this MoU, an expanse of 51,000 square meters in Sudair City for Industry and Business is set to be allocated, involving an investment totaling SR750 million ($200 million).
The agreement was formalized during a meeting between the Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef and the Korean Minister of Trade, Industry and Energy, Lee Chang-yang.
The discussions encompassed avenues for bolstering industrial cooperation between the two countries, exploring shared interests, and assessing the progress of joint projects and agreements. The focus was also on identifying promising investment prospects across various industrial sectors, with emphasis on boosting trade exchanges and non-oil exports.