Korea-Saudi Arabia Strengthen Cooperation in Future Industries Including Hydrogen... 14 MOUs Signed

[Sejong=Asia Economy Reporter Kwon Haeyoung] South Korea and Saudi Arabia have agreed to strengthen economic cooperation in various fields such as new industries including hydrogen, manufacturing, energy, and healthcare.

On the 18th (local time), the two countries signed 14 memorandums of understanding (MOUs) at the 'Korea-Saudi Smart Innovation Growth Forum' held in Riyadh, Saudi Arabia, attended by President Moon Jae-in and Saudi Minister of Investment Khalid Al-Falih.

The MOUs signed that day include ▲Agreement for an enhanced strategic partnership in the field of intellectual property ▲Basic credit agreement key terms memorandum ▲MOU for cooperation in establishing a tire joint venture ▲Contract for establishing a joint venture for casting and forging of ship equipment ▲Letter of intent for export of Dr.Answer ▲MOU for cooperation on hydrogen and ammonia ▲MOU for sharing hydrogen-related information and cooperation system between the two countries, and cooperation on building a hydrogen supply chain ▲MOU for cooperation on fuel conversion in the power generation sector ▲MOU for introduction of TC2C technology and project execution cooperation ▲MOU for cooperation in domestic venture investment, among others.

By sector, there are 5 MOUs in manufacturing, infrastructure, digital, and healthcare fields, and 9 MOUs in hydrogen and energy cooperation.

Among the hydrogen and energy MOUs is cooperation related to the fuel conversion project that converts heavy oil, the main fuel of Korea Electric Power Corporation’s first project in Saudi Arabia, the Rabigh heavy oil power plant, into gas. President Moon also proposed promoting cooperation that combines South Korea’s hydrogen utilization and distribution capabilities with Saudi Arabia’s hydrogen production capacity in hydrogen, an eco-friendly future energy.

An official from the Ministry of Trade, Industry and Energy stated, "Through this forum, we have established a partnership for carbon neutrality across the entire hydrogen economy cycle including hydrogen production, distribution, and utilization with Saudi Arabia, South Korea’s largest crude oil exporter, and confirmed the potential for cooperation in future industries such as bio. This signifies opening a new horizon for economic cooperation."