Saudi Arabia to work with South Korea in food and advanced biotech

The Korean Ministry of Food and Drug Safety (MFDS) has signed a memorandum of understanding (MoU) with the Saudi Food and Drug Authority (SFDA) to enhance cooperation in food and medical products.

The MFDS said it is the first time it signed an MoU with a country in the Middle East, although it held a cooperative meeting for medical devices with SFDA in 2020.

During the recent South Korean President Yoon Suk Yeol's summit with Saudi Crown Prince Mohammed bin Salman, the two regulators exchanged the MoU.

Under the MoU, the two countries will exchange information regarding the regulatory system for food and medical products and scientific evaluation, promote joint research, education, and regular meetings, and hold joint seminars and workshops, the MFDS said.

More specifically, the MoU will seek strategic cooperation in high-tech industries agreed upon by the two leaders through exchange and cooperation on regulations and administrative procedures in the fields of food and drug licensing and management, medical product supply, and innovative technologies such as AI and biotech.

The agreement will also act as an opportunity for the two countries to expand their cooperation in new industries, such as biotech, and to lay the foundation for close cooperation and joint response in the food and drug sector.

The government said it was meaningful in that it secured a bridgehead for Korean companies to advance into the Middle East in the future.

Moreover, with the signing of the MoU with Saudi Arabia - Korea plans to seek and develop multilateral cooperation with other organizations in the Middle East.