The Saudi-Korean Business Forum held in Seoul highlighted the Kingdom’s efforts to attract international investment through policies that allow for 100% foreign ownership in most business sectors. Saudi Commerce Minister Dr. Majid Al-Qasabi emphasized the impact of Vision 2030 in promoting economic diversification and fostering sustainable growth. The forum was attended by representatives from both public and private sectors from Saudi Arabia and Korea, showcasing the strategic trade relations between the two nations.
Trade volume between Saudi Arabia and Korea is on the rise, reaching $35 billion from 2019 to 2023. Dr. Inkyo Cheong, the Korean Minister of Trade, emphasized the expanding economic and trade partnership between the two countries across vital sectors such as automotive and shipbuilding, as well as emerging areas like AI, data centers, and smart cities. The Korea-GCC Free Trade Agreement is expected to further elevate economic cooperation between the nations.
Dr. Eman Al-Mutairi, CEO of the National Competitiveness Center, outlined significant reforms aimed at boosting the Kingdom’s competitiveness. These reforms include positive transformations in the Saudi economy and business environment, with 820 economic reforms implemented by 60 government agencies since 2016. The digitization of government services and the establishment of the Saudi Business Center have streamlined business licensing requirements and improved litigation efficiency.
The forum, organized by the NCC and chambers of commerce from both countries, aimed to expand economic partnership opportunities. Dialogue sessions on “Innovation and Technology” and “Advanced Manufacturing and Infrastructure” discussed government initiatives in promoting innovation and technology adoption, as well as key developing sectors in advanced manufacturing and infrastructure development. The event concluded with the signing of nine agreements by companies from both Saudi Arabia and Korea, marking a successful partnership between the nations.
During the Saudi delegation’s visit to Korea, meetings were held between Saudi Commerce Minister Dr. Majid Al-Qasabi and Korean officials to strengthen trade relations and cooperation in global trade issues. Discussions focused on removing trade barriers and increasing exports between the two countries. The forum highlighted the growing economic and trade partnership between Saudi Arabia and Korea, showcasing the collaborative efforts to boost economic prosperity and innovation across various sectors.
