Riyadh: The National Industrial Development Center (NIDC) and LS Corp, a Korean company, have signed a memorandum of understanding to explore investment opportunities in the machinery and equipment sector in Saudi Arabia.

Minister of Industry and Mineral Resources Bandar AlKhorayef witnessed the signing of the memorandum by Vice President of the Machinery and Energy Cluster at NIDC Abdullah Al-Shabanat and President & CEO Roe-Hyun Myung of LS Corp.

Al-Shabanat said that this signing is in line with the goals of the National Industrial Strategy for the machinery and equipment sector. It involves cooperation between NIDC and LS Corp to achieve common objectives, such as enhancing growth in the field of local factory automation and realizing the goals of Saudi Vision 2030 by supporting industry and sustainable development.

LS Corp is a specialized Korean company in the machinery and equipment sector, materials, automation, and electric power transmission. Its headquarters is located in Seoul, Korea. Currently, it ranks 14th among the largest companies in the Republic of Korea and is a pioneer in various fields such as energy, power transmission, and minerals.