Saudi Arabia and South Korea signed two memorandums of understanding on future mobility and logistics

Saudi Arabia and South Korea have embarked on a collaborative investment journey, marked by the signing of two significant memorandums of understanding (MoUs) in the domains of mobility and road infrastructure. The joint investment tour commenced on May 9 in Seoul, with the primary objective of bolstering their economic ties. The launch of this Saudi-Korean investment tour was graced by the presence of Saudi Arabia's Minister of Transport and Logistics Services, Saleh Al-Jasser, and South Korea's Minister of Land, Infrastructure, and Transport, Won Hee-ryong. Their collective aim was to enhance business prospects within the transport and logistics sectors, as reported by the Saudi Press Agency.

The first MoU revolves around the advancement of mobility solutions driven by clean energy, with an emphasis on collaborative efforts in innovation, research, and development. This entails the integration of cutting-edge technologies in the transportation and logistics services sector, fostering a joint commitment to technological progress. The second MoU, on the other hand, focuses on road-related initiatives. It envisions the exchange of expertise in road construction, asset management, operation, maintenance, and road safety measures. Additionally, it outlines plans for the development of the Saudi road research centre, which will serve as a hub for road-related advancements and innovations.

During the inauguration ceremony, Minister Al-Jasser underscored the importance of strengthening ties with South Korea, highlighting their enduring bilateral relations over the past six decades. Minister Won Hee-ryong reciprocated these sentiments, applauding the level of cooperation between the two nations across various vital sectors. He also commended Saudi Arabia for its commitment to infrastructure development, particularly in transportation and logistics, aligning with the objectives laid out in Vision 2030. As part of the event, the Saudi delegation presented a comprehensive overview of investment opportunities for South Korean entities. These opportunities spanned diverse sectors such as public transport, air transport, roads, ports, railways, and logistics services within the Kingdom.

Furthermore, Minister Al-Jasser engaged in discussions with the Korean Minister of Oceans and Fisheries, Cho Seung-Hwan, with a specific focus on enhancing collaboration in maritime transport and port-related activities. Following this dialogue, an additional MoU was signed to facilitate the mutual recognition of the competency certificates of seafarers from both nations. This agreement is set to streamline the processes associated with seafarer activities between Saudi Arabia and Korea, promoting efficiency and cooperation in this vital domain.