[Yonhap Photo]
SEOUL -- Saudi Arabia is willing to invest actively in the joint development of electric and other next-generation vehicles with South Korea, its energy minister said Friday at talks with President Moon Jae-in.
Saudi Energy Minister Khalid Al Falih also called for the joint development of new small or medium-sized nuclear reactors with the state-run Korea Atomic Energy Research Institute (KAERI), Moon's office said.
Moon suggested that South Korea and Saudi Arabia can find new business opportunities in nuclear projects in other countries. Korea Electric Power Corp. (KEPCO), which produces home-made nuclear reactors, has been building reactors in the United Arab Emirates under a $20 billion contract.
South Korea hopes to join a Saudi project to build nuclear reactors. As the world's biggest crude exporter, Saudi Arabia seeks to diversify energy supplies and reduce its dependence on hydrocarbons. Construction will start next year on two nuclear plants.
Earlier in the day, the Saudi minister and Paik Un-gyu, South Korean minister of trade, industry and energy, discussed ways to step up cooperation in the energy sector. They agreed to form a working group to develop Saudi Arabia's auto industry.
reporter
Lim Chang-won
cwlim34@ajunews.com
