South Korea and Saudi Arabia have agreed to expand economic cooperation. 

The Ministry of Trade, Industry and Energy said on Wednesday that Minister Sung Yun-mo and his Saudi counterpart Khalid Al-Falih signed a related MOU earlier in the day to further the two countries' cooperation in industrial areas including environment-friendly vehicles and auto components.

The ministry said local firms including S-Oil and Hyundai Heavy Industries also signed MOUs and deals with Saudi firms that were worth eight-point-three billion U.S. dollars in total. 

South Korea also officially announced its plan to open a “Vision Office” in Saudi Arabia to help its ally realize its Vision 2030 long-term economic strategy which aims to reduce the Middle Eastern country's dependence on oil, diversify its economy and develop public service sectors.