Korea, Saudi Arabia to expand cooperation in shipbuilding, automotive, AI industries
This photo shows Industry Minister Kim Jung-kwan speaking at Saudi Arabia's national day celebration event held in Seoul, Monday. Courtesy of the Ministry of Trade, Industry and Energy
Korea and Saudi Arabia have agreed to expand their bilateral cooperation to include advanced industries, such as shipbuilding, automotive and artificial intelligence (AI), Seoul's industry ministry said Friday, pledging support for joint cooperation projects between the two countries.
Seoul and Riyadh developed 11 new cooperation projects and reviewed the implementation status of 46 projects under way during the Korea-Saudi Vision 2030 Committee meeting held in Seoul, according to the Ministry of Trade, Industry and Energy.
The new projects include a plan to jointly develop technologies for reducing carbon emissions in the shipbuilding process, as well as automobile engine and hybrid car technologies.
They also include digital transformation and AI innovation, as well as cooperation in the entertainment sector, including the film, e-sports and tourism industries, the ministry said.
In detail, Korean internet giant Naver plans to apply various AI technologies to its digital twin platform for major Saudi Arabian cities, such as Makkah, Madinah and Jeddah, to provide smart city solutions for the Middle Eastern country.
Major Korean shipbuilder HD Hyundai Heavy Industries and Saudi's Aramco are working to complete the construction of the biggest shipyard in the Middle East in Saudi Arabia by the end of this year.
Hyundai Motor is also working with Saudi's Public Investment Fund to build a car manufacturing plant in King Abdullah Economic City.
Korea will operate a regular communication channel with Saudi Arabia to "faithfully" implement the projects and expand the cooperation between the two countries to key industries with growth potential, such as AI, and soft power, Industry Minister Kim Jung-kwan said.