31 Jul 2024
RIYADH: Saudi and South Korean companies signed 10 agreements spanning construction, energy and health sectors on the sidelines of a business forum in Seoul on Tuesday.
Contracting, sustainability, and food were also covered by the deals, inked at an event attended by Saudi Minister of Commerce Majid Al-Qasabi.
The Saudi-Korean Business Forum hosted more than 400 participants from the public and private sector, and heard how economic ties between the countries will expand into key sectors such as automotive, urban infrastructure and data centers.
Al-Qasabi, who is leading a Saudi delegation to South Korea, used a speech to the event to highlight the developing trade relations between the two countries, noting that the bilateral trade volume reached $35 billion from 2019 to 2023, and 174 commercial registrations for Korean companies in the Kingdom were issued up to April.
A brief outline of the 10 deals was posted on the Federation of Saudi Chambers’ X account, with the renewable energy and beauty sectors also benefiting from the agreements.
According to a press release from Saudi Arabia’s National Competitiveness Centre, the secretary-general of the Federation of Saudi Chambers of Commerce, Walid Al-Arainan, said there is a need to enhance partnerships between small and medium-sized enterprises in both countries.
He went on to stress: “The federation’s commitment to providing all necessary support through the initiative to establish an office in Seoul to help facilitate business for both sides, and launch an electronic portal in Arabic, Korean and English to display investment opportunities and provide information and commercial and investment services to the business community in both countries.”
There will also be a special working group within the Saudi-Korean Business Council to encourage medium, small and micro enterprises to invest in the Kingdom.
Speaking at the event, Korean Minister of Trade Cheong In-kyo said that service trade between the two nations is also growing, and the free trade agreement signed between his country and the Gulf Cooperation Council in December 2023 will elevate economic cooperation to a new level.
Lee Seong-woo, vice president of the Korean Chamber of Commerce and Industry, stated that the forum will increase cooperation in existing sectors and open new opportunities in areas like AI and advanced manufacturing, while also addressing current risks such as climate change and supply chain instability.
The forum, organized by the National Competitiveness Center, Saudi Chambers Federation, and the Korean Chamber of Commerce and Industry, aims to expand economic partnership opportunities between the two nations.
It featured panel discussions on innovation and technology and advanced manufacturing and infrastructure.
Business Development Manager at CJ Logistics, Min Kwang-sung, shared his company’s experience of choosing Saudi Arabia as its hub for operations in the Middle East and Africa, while car firm Kia Al-Jabr’s Vice President Abdul Salam Al-Jabr talked about operating in the Saudi automotive market.