RIYADH: Saudi Arabia and South Korea signed two memorandums of understanding in the fields of mobility and roads as both countries kicked off a joint investment tour on May 9 in Seoul to strengthen business times.
The Saudi-Korean investments tour, which was launched in the presence of Saudi Arabia’s Minister of Transport and Logistics Services Saleh Al-Jasser and South Korean Minister of Land, Infrastructure and Transport Won Hee-ryong, aims to elevate business opportunities in the transport and logistics sectors, the Saudi Press Agency reported.
The first MoU aims to support and adopt the latest mobility technologies using clean energy and explore areas of expertise for cooperation in the innovation, research, and development fields.
Under the deal, both Saudi Arabia and South Korea will work together to embrace modern technologies in the transportation and logistics services sector.
The second MoU relates to roads as it aims to exchange expertise in the areas of road construction, asset management, operation, maintenance, and road safety, along with developing the Saudi road research center.
During the launch ceremony, Al-Jasser said that strengthening the relationship with South Korea is one of the Kingdom’s top agendas, noting that both countries have been maintaining strong bilateral relations for the past six decades.
South Korean Minister Hee-ryong praised the level of bilateral relations and cooperation between the two countries in all vital sectors, and lauded Saudi Arabia for developing infrastructure in various fields including transportation and logistics services, in line with the goals outlined in Vision 2030.
During the ceremony, the Saudi delegation also delivered a presentation that highlighted investment opportunities for South Korean entities in various fields including public transport, air transport, roads, ports, railways, and logistics services in the Kingdom.
Al-Jasser also met with the Korean Minister of Oceans and Fisheries Cho Seung-hwan to discuss ways to strengthen cooperation between the two countries in the field of maritime transport and ports.
After the meeting, Al-Jasser signed another MoU with the Korean minister for mutual recognition of the certificate of competency of seafarers from both countries.
The agreement aims to streamline the seafarers’ business process flows between Saudi Arabia and Korea.
