Saudi and South Korean Companies Ink 10 Agreements at Business Forum in Seoul
In a bustling business forum held in Seoul, Saudi and South Korean companies came together to sign 10 groundbreaking agreements across various sectors including construction, energy, and health. The event, attended by Saudi Minister of Commerce Majid Al-Qasabi, also delved into contracting, sustainability, and food industries, showcasing the potential for growth and collaboration between the two nations.
Economic Ties Set to Expand in Key Sectors
With over 400 participants from the public and private sectors in attendance, the Saudi-Korean Business Forum highlighted the deepening economic ties between Saudi Arabia and South Korea. Discussions revolved around expanding cooperation in key sectors such as automotive, urban infrastructure, and data centers, setting the stage for transformative partnerships and investments.
Boosting Trade Relations and Commercial Registrations
Minister Al-Qasabi emphasized the growing trade relations between Saudi Arabia and South Korea, citing a bilateral trade volume of $35 billion from 2019 to 2023. Additionally, the Kingdom issued 174 commercial registrations for Korean companies up to April, showcasing the increasing interest and presence of Korean businesses in Saudi Arabia.
Enhancing Partnerships and Support for SMEs
The Federation of Saudi Chambers of Commerce outlined the need to enhance partnerships between small and medium-sized enterprises in both countries. Plans to establish an office in Seoul and launch an electronic portal in multiple languages aim to facilitate business and provide vital information and services to the business community in Saudi Arabia and South Korea.
Elevating Economic Cooperation with Free Trade Agreement
The recently signed free trade agreement between South Korea and the Gulf Cooperation Council is set to elevate economic cooperation to new heights, as noted by Korean Minister of Trade Cheong In-kyo. The forum also aims to increase cooperation in sectors like AI and advanced manufacturing while addressing challenges such as climate change and supply chain instability.
Expanding Economic Partnership Opportunities
Organized by the National Competitiveness Center, Saudi Chambers Federation, and the Korean Chamber of Commerce and Industry, the forum sought to expand economic partnership opportunities between Saudi Arabia and South Korea. Panel discussions on innovation, technology, and advanced manufacturing highlighted the potential for growth and collaboration in various industries.
Industry Insights and Success Stories
Industry leaders like Business Development Manager at CJ Logistics, Min Kwang-sung, and Vice President of Kia Al-Jabr, Abdul Salam Al-Jabr, shared their insights and experiences operating in the Saudi market, showcasing the success and opportunities present in the automotive and logistics sectors.