Minister of Trade, Industry and Resources Kim Jung-Kwan (left) on June 14 poses for photos in Riyadh, Saudi Arabia, with Saudi Minister of Energy Abdulaziz bin Salman after both officials signed a memorandum of understanding on bilateral cooperation in oil and gas.  (Ministry of Trade, Industry and Resources)

By Yoo Yeon Gyeong

A newly concluded agreement with Saudi Arabia has bolstered bilateral cooperation in energy resources and high-tech industries.

The Ministry of Trade, Industry and Resources on June 14 said Minister Kim Jung-Kwan signed a memorandum of understanding on bilateral cooperation in oil and gas with Saudi Minister of Energy Abdulaziz bin Salman in the Saudi capital of Riyadh.

The two sides agreed to collaborate in sectors such as crude oil stockpiling and pipeline infrastructure development, innovation of energy resource technology using artificial intelligence and digital transformation, and advancement of petrochemical materials.

Minister Kim also held talks with Saudi Minister of Investment Fahad Al-Saif and Minister of Industry and Mineral Resources Bandar Al-Khorayef to review the progress of Korean corporate operations in the Arab country.

Minister Kim requested active Saudi support for smooth progress of the Hyundai Motor-PiF (Public Investment Fund) finished vehicle factory, which will launch mass production next year, and the International Maritime Industries project, a joint venture shipyard by HD Korea Shipbuilding & Offshore Engineering and Aramco.

Building on the results of manufacturing cooperation in sectors such as cars and shipbuilding, Seoul and Riyadh agreed to expand collaboration to key mineral supply chains and advanced industries such as AI. They will pursue "full-cycle mineral cooperation" combining Saudi mineral resources with Korean technological know-how to encompass the entire process from mining to smelting, processing and development of high-tech industries.

"The result of my visit to Saudi Arabia was reaffirming the stable supply of key national resources and laying the basis for mid- to long-term resource cooperation amid lingering instability in global supply chains," Minister Kim said. "We will widen economic cooperation in various fields including manufacturing and high-tech industries."

He will visit Qatar on June 15 and the United Arab Emirates the next day to discuss raising cooperation in nuclear power, plants and new industries as well as coordination in the supply chains of key resources.

dusrud21@korea.kr