Cooperation between South Korean and Saudi Arabian companies has diversified from energy and plant sectors to advanced industries, medical services, and electric vehicles. The investment cooperation between the companies of the two countries, which took place during President Yoon Seok-yeol's visit, has increased compared to when Crown Prince Mohammed bin Salman of Saudi Arabia visited Korea last year, further deepening industrial cooperation between the two countries. In particular, the cooperation in the manufacturing sector has also increased, raising expectations for the establishment of a Korean manufacturing base in Saudi Arabia. On the 22nd, according to the Ministry of Trade, Industry and Energy, Korea and Saudi Arabia held a Korea-Saudi Investment Forum with the participation of 300 businessmen from both countries.

At this forum, major Korean companies and Saudi government agencies and companies signed more than 40 contracts and memoranda of understanding (MOUs) in various industries.

The most notable sectors in this MOU are advanced industries and manufacturing. Hyundai Motor Company signed a contract with Saudi's Public Investment Fund (PIF) for the establishment of a complete car assembly plant, and is cooperating with the Korea Automobile Research Institute and Saudi Transport Company to create a hydrogen mobility ecosystem.

In the electric vehicle sector, CRT has joined hands with the Saudi Investment Agency to establish a local factory for parts supply, and companies like Pirean Motors and Korea Distribution have formalized cooperation with local companies to secure electric vehicle charging infrastructure. Additional contracts were made for major mega-projects in Saudi Arabia (Sung Shin Yang Hoe), security software supply cooperation (Seculeter), waste recycling technology exchange and cooperation (Daehan Inc.), sewing factory technology transfer and production facility establishment (Tae San Trading), and sales and distribution cooperation for LED media glass and related parts (Glam).

In the energy sector, Korea National Oil Corporation signed a contract with Saudi state oil company Aramco for a joint crude oil reserve project. Aramco, the main shareholder of Crown Prince bin Salman, signed a memorandum of understanding with Korea Electric Power Corporation, POSCO Holdings, and Lotte Chemical for blue ammonia production cooperation and is promoting a clean hydrogen energy project with HD Hyundai Oil Bank. KEPCO has signed an MOU to jointly promote the Aljomaih and Sapinia cogeneration bidding project and cooperate in the hydrogen business. HD Hyundai Electric has signed a contract for transformer substation order cooperation with Al Jihaz.

In the plant sector, 1 contract and 7 MOUs were signed. Hyundai Construction has entered into an investment cooperation in the real estate and infrastructure sectors with the Saudi Investment Agency. RM Ethplatform cooperates with local companies on smart city project-related business, and Kolon Global takes on a Saudi water treatment-related business.

DL E&C achieved the signing of two MOUs for desalination plant cooperation. Taekyung Industrial also signed an MOU for collaborative development and demonstration of eco-friendly products using seawater desalination concentrate with the Saudi Desalination Authority.

At the investment forum, new industries such as medical and agriculture also attracted attention. POONGLIM Pharmatech signed a joint venture contract with Allcare Group to establish a factory for medical device production in Saudi Arabia. Nongshim cooperates with Saudi Greenhouse to build a K-Smart Farm pilot site and implement smart farming businesses. In addition, Three Billion (rare disease diagnostic test), Wavelife Star Eltech (kitchen automation robot), Angel's Wing (drones and AI), Galaxy Corporation (sports), and JK Plastic Surgery (medical) also pioneered new industrial areas.

The contracts and MOUs signed by the companies of the two countries that day increased by about 20 cases compared to last year. When Crown Prince bin Salman visited Korea in November last year, the two countries signed 26 contracts and MOUs in clean energy, petrochemicals, smart farms, and bio.