SEOUL — Saudi Arabia and South Korea have signed a Memorandum of Understanding (MoU) to manufacture vaccines and biotechnology.

The MoU was signed by the Saudi Authority for Industrial Cities and Technology Zones “MODON”, and the South Korean GL Rapha Holding Company.

The signed MoU aims to allocate industrial lands of 51,000 square meters in Sudair City for Industry and Business, with an investment value of SR750 million.

This was concluded during a meeting between the Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef and the Korean Minister of Trade, Industry and Energy, Lee Chang-yang.

Al-Khorayef is on an official visit to the South Korean capital, Seoul.

The two sides discussed opportunities of enhancing industrial cooperation between Saudi Arabia and South Korea, in addition to several topics of common interest.

The Saudi and Korean ministers also touched on the developments in joint projects and agreements, in addition to reviewing promising investment opportunities between the two countries in the various industrial sectors.

Increasing trade exchange and opportunities for developing non-oil exports between the two sides, were also discussed.

The meeting between the two ministers emphasized the depth of bilateral relations between Saudi Arabia and South Korea.

This is in addition to the importance of mutual visits between the two parties to advance joint relations towards new horizons, especially in the mining and industrial sectors.

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