Saudi Korea Vision 2030
Efforts to forge a strategic partnership with South Korea were initiated during a meeting held on the sidelines of the G20 Leaders’ Summit in China, between HRH Prince Mohammed bin Salman, Crown Prince of the Kingdom of Saudi Arabia, and Her Excellency Ms. Park Geun-hye, then President of the Republic of South Korea. During the meeting, emphasis was placed on the importance of cooperation between the two countries in various spheres, in view of the ample opportunities available to both countries to move their ties beyond traditional partnership and to further broaden their bilateral ties through creation of a formal strategic partnership fostering stronger trade and economic relations, thus utilizing the enormous opportunities that both countries possess. Towards this end, a memorandum of cooperation on joint vision (Saudi-Korean Vision 2030) was signed in October 2017 between the Government of the Kingdom of Saudi Arabia, represented by the Ministry of Economy and Planning, and the Republic of Korea, represented by the Ministry of Trade, Industry and Energy, thus launching the Saudi-Korean Vision 2030 as a vehicle to drive forward the two countries’ strategic partnership. The Vision focusses on strengthening the flow of foreign direct investment through bolstering of trade ties between private sector businesses in both countries, increasing government-to-government cooperation programs, and scaling up co-operation in third countries.
In the run-up to the conclusion of the Joint Vision, the Saudi-Korean Vision 2030 Committee has been established, with members comprising representatives of relevant government entities and agencies in both countries. The committee will act as a platform that will monitor progress, approve Vision projects and implementation plans, and troubleshoot bottlenecks to implementation. The committee convenes annually on an alternating basis between the two countries. The first meeting of the Saudi-Korean Vision 2030 Committee was held in Seoul, Korea, in October 2017.
Initially, 40 projects and initiatives have been slated to set into motion work under the Saudi-Korean Vision 2030. The projects are categorized into 5 sub-groups for governance by the Vision Committee, thus making it possible to monitor progress and provide support in order for the committee to achieve the desired outcome.
Following are the 5 sub-groups:
Sub-group 1: Energy and and Manufacturing
Sub-group 2: Smart Infrastructure and Digitization
Sub-group 3: Capacity Building
Sub-group 4: Healthcare and Life Sciences
Sub-group 5: Small- and medium-sized enterprises (SMEs) and Investment.