RIYADH: Saudi-Korean trade is set to see a significant boost after a delegation from the Kingdom, led by the minister of commerce, headed to Seoul.
Taking place from July 29 to 31, the gathering will see Majid Al-Qasabi alongside representatives from 10 government entities and 55 senior business leaders and executives from major national companies, hold meetings with Korean ministers and officials to strengthen bilateral relations.
The visit’s objectives are multifaceted, and include an aim to facilitate economic activities between the Kingdom and the East Asian country, exploring promising opportunities for collaboration.
A key part of the assemblage is participating in the Saudi-Korean Business Forum, which allows both nations to discuss and expand their trade and business partnerships. Enhancing trade exchange between the two countries remains a primary goal of this delegation.
This visit underscores the historical relationship and robust economic partnership between Saudi Arabia and Korea.
According to the ministry’s data, cumulative trade between the two nations reached SR554 billion ($147.6 billion) between 2019 and 2023, with the annual value of commerce increasing from SR93.6 billion to SR129.8 billion over the period.
Saudi Arabia is currently ranked seventh among Korea’s trade partners, with non-oil exports to the country amounting to SR4.5 billion.
During the visit, Oh Young-ju, Korean minister of small and medium-sized enterprises and startups, met with Al-Qasabi and other delegation members to discuss establishing a policy consultative body.
The Korean ministry reviewed the outcomes of bilateral cooperation with the Saudi ministry, focusing on SMEs and startups, aiming to explore pathways for joint growth and collaboration, according to Yonhap News Agency.
The Korean government also proposed forming a policy consultative body to sustain and enhance the momentum of exchanges in the SME sector.
It urged the Saudi ministry to support and facilitate increased participation of Korean companies in the upcoming Saudi Arabian startup festival, BIBAN 2024, scheduled for November.
Saudi-Korean economic ties are further strengthened by venture capital and startup collaborations, such as the Kingdom’s Wa’ed Ventures recently investing $15 million in the South Korean chipmaker Rebellions.
The Kingdom has been actively engaging with Asian nations to boost economic trade and strengthen partnerships.
In May, Saudi Arabia launched a business council with Malaysia to boost collaboration.
Al-Qasabi led a delegation comprising 44 officials and leaders representing 20 government bodies and 24 private sector entities to the Southeast Asian country.
The Kingdom also strengthened its economic relations with Thailand as it opened its first Board of Investment office in Riyadh.
During a business forum held in July, Saudi Minister of Investment Khalid Al-Falih highlighted that this marks Thailand’s inaugural office in the Middle East, encouraging stronger bonds and new investment opportunities in both countries.
Saudi and China relations have also seen a boost this year as officials from both nations held a roundtable meeting earlier in May.
Saudi Finance Minister Mohammed Al-Jadaan led the meeting as he emphasized the depth of the bilateral relationship between the two nations, highlighting the trust and ongoing collaboration across diverse sectors.
