South Korea, Saudi Arabia to set up industrial cooperation committee

South Korea and Saudi Arabia have agreed to set up an industrial cooperation committee and strengthen cooperation in the areas of cars, shipbuilding and electronics. 
The Ministry of Trade, Industry and Energy said on Sunday that Industry Minister Joo Hyung-hwan and his Saudi counterpart Khalid al-Falih reached the agreement during talks on Friday. 
A ministry official said that the two sides, which have fostered cooperative relations in investment and oil, decided to set up the committee as they agreed on the need to deepen bilateral cooperation in the automotive, shipbuilding and electronics sectors as well, according to Korea's (KBS WORLD) radio news. 
The proposed committee plans to hold meetings two times a year to discuss substantial ways to expand bilateral economic ties, such as joint investments.