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Saudi-Korean Forum Results in Investment Incentivizing Packages

 ​The Saudi-Korean Business Forum, held in Seoul, reached an agreement between the two sides of the Saudi-Korean Business Council on basic pillars to foster trade and investment relations between the two countries in line with the Korean-Saudi Vision 2030. The agreement aims at utilizing the economic capabilities and investment opportunities the two countries offer in their respective strategic sectors. 

Co-Chairperson of the Saudi-Korean Business Council, Abdulaziz Al Rukban, who led the 50-person delegation, stated that the discussions focused on joint ventures that target job creation in knowledge and scientific fields, alongside SMEs. The two sides additionally agreed on intensifying meetings to seek effective investment initiatives. He added that both sides were in consensus as to working closely to activate strategic partnerships between the two countries, and expand their scope of cooperation to gain competitive advantages in international markets. Al Rukban said that the Saudi delegation reviewed some of Korea’s experiences in healthcare, education, and technology, due to its expertise in these fields, which could benefit Saudi companies. 

The meeting included a busy program for the Saudi delegation, including field trips organized by CSC and Korea’s Trade Center to the main landmarks of Seoul. In addition to a big meeting, which gathered over 200 Saudi and Korean companies to explore cooperation in manufacturing, digitization programs, energy, and healthcare. 

The forum was organized by CSC, the Korea Chamber of Commerce, and KOTRA, and saw participation from the Saudi Ministry of Economy and Planning, Korea Ministry of Commerce, and a number of officials from the General Authority for SMEs, SAGIA, General Entertainment Authority, among others. 

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