Korea bolsters deals with Saudi Arabia for smart cities, UAM, robotics

Minister of Land, Infrastructure and Transport Won Hee-ryong, right, and Saudi Minister of Transport and Logistics Saleh bin Nasser Al Jasser laugh during a forum at the Four Seasons Hotel Seoul, Tuesday. Yonhap

By Lee Kyung-min

Over 200 business executives, transport authorities and sovereign funds of Korea and Saudi Arabia agreed to fortify bilateral cooperation, Tuesday, in a joint commitment to creating a virtuous cycle of IT-powered green city planning in the fossil fuel-rich country, the land ministry said Tuesday.

This is a follow-up to the visit by Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud to Korea last November, when business deals of up to 40 trillion won ($30 billion) were signed in manufacturing, smart technology, bio and healthcare, city planning, infrastructure building, energy, agriculture, environment and gaming.

Underpinning the strong bilateral relationship is $156.5 billion in overseas construction orders inked between Korea and Saudi Arabia as of March. The figure accounts for 17 percent of Korea's total overseas construction orders over the past five decades worth $925 billion, according to the ministry. It is twice the $83.1 billion from the United Arab Emirates (UAE). The Yoon Suk Yeol administration pledged policy assistance to win $50 billion in overseas construction orders every year until 2027.

Minister of Land, Infrastructure and Transport Won Hee-ryong said the two countries held a forum at The Four Seasons Hotel Seoul. They discussed transport logistics strategies, joint investment opportunities and sharing of innovative technologies in the areas of construction, mobility and smart city planning.

Among those in attendance was Saudi Minister of Transport and Logistics Saleh bin Nasser Al Jasser, who was joined by officials of Saudi Arabia's General Authority for Civil Aviation, Transport General Authority and Saudi Arabia Railways.

Hyundai Motor Group shared smart city planning strategies, while Hanwha Systems, the aerospace and defense affiliate of Hanwha Group, shared urban air mobility technologies.

Hyundai Elevator, the management consulting affiliate of Hyundai Group, demonstrated electric vertical take-off and landing (eVTOL) technologies. The company's eVTOL technology is a variety of VTOL aircraft that uses electric power to take off, hover and land vertically.

“We hope today's event will be remembered as another important milestone to expand bilateral cooperation,” Won said during his welcoming speech at the hotel.

“Opportunities abound for industry leaders of Korea and Saudi Arabia's state-run organizations, especially in the fields of future mobility including autonomous cars, electric vehicles (EVs) and construction of smart ports, railways and other mobility infrastructure. The government will continue its efforts to provide assistance for generating mutually beneficial outcomes.”