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According to Yonhap News,

(SEOUL=Yonhap News) South Korea and Saudi Arabia agreed Tuesday to set up a joint body as they seek to cooperate in autos, shipbuilding and five other sectors, South Korea's trade ministry said Tuesday.

The Vision 2030 Joint Group is meant to flesh out bilateral cooperative projects in seven sectors and address any difficulties, the trade ministry said.

The agreement was reached during talks between South Korea's Trade Minister Joo Hyung-hwan and Saudi Arabia's Energy Minister Khalid al-Falih in Seoul.

The two shared the view that the two countries should focus their cooperation on seven sectors, including autos, shipbuilding, renewable energy and desalination facilities.

The move came as the oil-rich kingdom has been seeking to diversify its economic portfolios following a plunge in oil prices. Saudi Arabia sees auto, shipbuilding, renewable energy and other areas as new growth drivers.

Saudi Arabia has selected South Korea, along with the United States, Japan, China and India, as strategic cooperative countries to help achieve its Vision 2030, which is meant to reduce the kingdom's dependence on oil and develop other sectors.

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Source: Yonhap News (May. 9, 2017)