عربي English Türkçe اردو فارسى
Logo
Latest News
Business

High Prospects for Saudi-Korean Cooperation in Establishing Industrial Cities

The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)
TT
TT

High Prospects for Saudi-Korean Cooperation in Establishing Industrial Cities

The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)

Riyadh and Seoul reviewed the horizons for cooperation in industrial development on Thursday, especially collaboration on transferring the expertise of establishing and managing industrial cities in South Korea.

Cooperation was discussed during a meeting between the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, and Minister of Trade, Industry and Energy of the Republic of Korea Moon Seung-wook, who is currently visiting the Kingdom.

Moon arrived in Saudi Arabia on Tuesday for a three-day visit at the Saudi minister’s invitation.

During the meeting, Al-Khorayef highlighted the industrial and mining sectors, as well as the mining investment system and opportunities in the Kingdom. Benefiting from the Korean experience in the fields of establishing and managing industrial cities was reviewed by the two ministers.

The Saudi Minister of Industry also discussed areas of cooperation and investment opportunities between the two countries in the fields of food industries, automobile industry, and shipbuilding, in addition to the manufacture of medical imaging devices, cosmetics, fashion, and leather products.

Al-Khorayef invited the Korean companies to visit the industrial cities in the Kingdom, Royal Commission for Jubail and Yanbu and MODON.
The Kingdom’s non-oil exports to South Korea in 2020 amounted to SAR 3.2 billion, while the volume of imports from Korea to the Kingdom amounted to SAR14.4 billion riyals.

In other news, the Saudi Ministry of Industry and Mineral Resources revealed, in a report issued by the National Center for Industrial and Mining Information, that the volume of investments in the Kingdom’s manufacturing products industry exceeded SAR 15 billion by the end of September 2021.

These investments constitute 1.13% of the total volume of investments in the industrial sector, said the ministry, noting that the number of factories specialized in manufacturing industries in Saudi Arabia has reached 230.

According to the report, these factories specialized in the manufacturing industries contribute to providing nearly 10,000 jobs in various technical, mechanical and supervisory fields, with national cadres accounting for 27% of those jobs.

The Kingdom’s manufacturing industries include a wide range of products, including jewelry, tools and devices for medicine, surgery, dentistry, veterinary medicine and other products, said the report.

The report also indicated that the volume of exports of the manufacturing industries exceeds SAR 436 million.

Most Viewed

 
 
Business

Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
TT
TT

Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo

Tesla's sales in China logged their best month for the year so far in August, with the US electric vehicle maker benefiting from brisk sales in smaller cities.
Tesla said it sold more than 63,000 cars in the world's biggest auto market last month, a hefty 37% jump from July, but probably still down from August last year when it sold 64,694.
While an encouraging improvement, its performance lags major Chinese rivals by a wide margin.
BYD, the world's biggest EV maker, said its China passenger vehicle sales surged 35% in August from a year earlier to a record monthly high of 370,854. Other local EV competitors including Leapmotor and Li Auto also reported higher sales.
Like many other automakers, Tesla has been badly bruised by a protracted price war in China where economic growth has also been sluggish and consumer confidence fragile. Its China sales declined 5% for the first half of the year.
Although Tesla has cut its local sales force as part of a global downsizing, a number of factors have helped recent sales momentum.
Tesla has since April offered zero-interest loans of up to five years for buyers, while several local governments have made its cars eligible for official car purchases in recent weeks.
It also received a key regulatory nod earlier this year, with the country's top auto industry association saying that data collection by Tesla vehicles was compliant with regulations, allowing Tesla cars to enter some government compounds that they used to be banned from.
An analysis by China Merchants Bank International of Tesla's China sales in July showed a 78% year-on-year increase in deliveries in so-called tier-three cities while its sales in second-tier cities such as Hangzhou and Nanjing rose 47%.
Separate data from the China Passenger Car Association for Tesla China-made vehicles which includes exports showed sales grew 3% in August from a year earlier to 86,697 units.
Deliveries of its China-made Model 3 and Model Y vehicles rose 17% from July.
Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said. The move is aimed at increasing the appeal of its best-selling yet aging EV.