LS Group signs MOU with Saudi Arabia on Vision 2030 initiative

LS Group Chairman Koo Ja-eun, center, shakes hands with Saudi Arabian Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef on Tuesday. [LS GROUP]

LS Group signed a Memorandum of Understanding (MOU) with the Saudi Arabian government to cooperate on the machinery and equipment sectors for its state-led initiative, Vision 2030.

Saudi Arabia's Vision 2030, unveiled in 2016, seeks to diversify its economy by fostering the manufacturing sector, steering away from a predominant focus on the petroleum industry.

Having announced its own Vision 2030 initiative in January, LS Group is actively involved in advancing critical areas such as power infrastructure, secondary battery materials and EV charging solutions.

"Stemming from this collaboration, we anticipate an expedited entry into the local market," said an LS Group official. "We will first pursue cooperation in the machinery and equipment (M&E) sector, with plans to expand collaboration into LS Group's areas of expertise such as cables and power equipment."

Highlighting the historical continuity of LS Group's presence in Saudi Arabia since 1986, marked by an order for 132 kilovolts of ultrahigh voltage cable, LS Chairman Koo Ja-eun underscored its commitment to sustaining and enhancing business relations.

"Through the MOU, LS aims to capture collaboration opportunities in the M&E sector and provide support for tangible outcomes," said Koo.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]