South Korea and Saudi Arabia discussed upcoming cooperation projects at the Vision 2030 bilateral committee meeting, including the construction of a 940-million-dollar casting and forging plant.
At the meeting in Riyadh Tuesday, the two sides signed a memorandum of understanding(MOU) on a joint venture to operate the plant, which will be located in the King Salman International Maritime Industries Complex.
The two sides also examined achievements made so far and discussed other points of cooperation. They expect the joint venture to generate investments of six-point-six billion dollars.
The two countries will also develop seawater desalination technology and operate a pilot plant in March in efforts to secure alternative water sources fit for Saudi's desert climate.
They will also step up cooperation in innovative educational fields and investment in startup firms.
Minister of Trade, Industry and Energy Moon Sung-wook said the South Korea-Saudi Arabia Vision 2030 is a platform to prepare for the future that will help the two countries proactively respond to unexpected changes.