Prince Mohammed discusses potential investments with Korean business leaders

Saudi Arabia’s Crown Prince Mohammed bin Salman has met with the heads of South Korean companies to explore potential investment opportunities during his visit to Seoul, the Saudi Press Agency reported.

Prince Mohammed was received by South Korean Prime Minister Lee Nak-yeon and Saudi Ambassador to Seoul Riyadh Al-Mubaraki.

The Crown Prince met Hyundai Motor Group’s Executive Vice Chairman Chung Euisun and Hyundai Heavy Industries’ President Ka Sam-Hyun.

During the meeting, opportunities for mutual investments, especially at King Salman International Complex for Maritime Industries & Services, were discussed, the report said.

He also met with chairman of SK Group, Chey Tae-Won, and discussed prospects for cooperation and investment in the field of petrochemicals, environment, clean energy, and battery technology.

Read: Saudi Arabia, South Korea seek to assess bilateral ties

In his meeting with LG Group’s Chief Executive, Koo Kwang-Mo, the Crown Prince also talked about the growth in the Saudi market and potential investments in the electrical appliance sector.

The meetings were also attended by Majed Al-Qasabi, Saudi Arabia’s Minister of Commerce; Khalid Al-Falih, Minister of Energy; Mohammed Al–Tuwaijri, Minister of Economy and Planning; along with other senior Korean government officials.

In addition, Prince Salman also witnessed the signing of several memorandums of understanding (MoUs) between Saudi Arabia and South Korea to enhance mutual cooperation in various sectors.

The preliminary agreements covered communications, information technology, e-government, culture, automobiles, hydrogen economy, health insurance, supervision of financial institutions, military acquisition, industries, research, and technologies.

Read: Saudi Arabia, South Korea sign 15 MoUs in various sectors

They also covered the National Strategic Program for Intellectual Property and cooperation between the National Center for Strategic Studies and the Korea Institute for development.

On the other hand, the Saudi Arabian General Investment Authority (SAGIA) signed 15 MoUs with South Korean investors during an investment promotion convention.