S. Korea to build SR7.5bn nuclear reactors in KSA

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Updated 05 March 2015
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S. Korea to build SR7.5bn nuclear reactors in KSA

Saudi Arabia and South Korea signed five key accords on Tuesday in Riyadh including a plan to study the feasibility of building nuclear reactors worth SR7.5 billion across the country.
Custodian of the Two Holy Mosques King Salman and South Korean President Park Geun-hye also held wide-ranging talks here on economic and security issues. This is the first visit by a South Korean president since 2012.
The two countries, under the provisions of the signed MoU, are set to conduct a three-year preliminary study, to be completed in 2018, on the feasibility of constructing the nuclear reactors in Saudi Arabia.
Jungho Lee, a spokesman of the South Korean Embassy, said the framework agreement would include technical cooperation, research and development, and the exchange of personnel.
According to reports, the agreement would be reached between King Abdullah City for Atomic and Renewable Energy (KACARE) and South Korea’s science, ICT and future planning ministry.
Saudi Arabia is the biggest petroleum exporter and dependent on oil and gas for its electricity production. The late King Abdullah established KACARE in 2010 to develop alternate energy, including atomic power.
Lee said the talks between King Salman and Park looked largely at economic, and science and technology cooperation. It was an “opportunity to take bilateral ties to a new level,” he said.
“The Republic of Korea became the first foreign country with which the Kingdom signed such key accords after King Salman ascended to the throne, and it is a real honor,” said Lee.
King Salman also hosted a lunch for Park, while Crown Prince Muqrin, deputy premier; and Deputy Crown Prince Mohammed bin Naif, second deputy premier and minister of interior, called on Park separately on Tuesday.
Lee said the Korean president, who is accompanied by over 100 top businesspeople, would attend a Saudi-Korean business conference here on Wednesday.
He said the two sides also touched on security issues and challenges facing the Middle East. An MoU was also signed between the Korean Ministry of Science and King Abdulaziz City for Science and Technology.
The two other draft agreements signed at separate venues include one between the Export and Import Bank of Korea and Saudi Electricity Company, for financing a large project, and another between Kingdom Holdings Company and Korea Investment Corporation on investment collaboration.
Present at the talks and the signing ceremonies were several other members of the royal family and ministers including Prince Abdulaziz bin Abdullah, deputy foreign minister, and Prince Mohammed bin Salman, minister of defense. On behalf of Korea, top officials included Yun Byung-se, foreign minister; Choi Yang-hee, minister of science and future planning; Yoon Sang-jick, minister of trade and energy; and Moon Hyung-pyo, minister of health
Park will meet members of the Korean community here on Wednesday. She will also visit the historic Masmak Fort in Riyadh, which was built in 1865. She arrived on Tuesday afternoon in Riyadh on the second leg of her nine-day, four-nation tour of the Middle East, which took her to Kuwait first. She will also visit the UAE and Qatar.


High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 27 min 39 sec ago
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High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.