Prince Saud bin Abdullah bin Thunayan Al-Saud, chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC, made these remarks as he received a high-level South Korean delegation at SABIC headquarters in Riyadh.

He also pointed out that the prevailing investment climate and economic conditions in both Saudi Arabia and South Korea are favorable to the Kingdom’s nonoil exports.

South Korean Land, Transport and Maritime Affairs Minister Kwon Do-youp headed the delegation. He was accompanied by businessmen, trade and industry officials, and the South Korean ambassador to Saudi Arabia, Kim Jong-yong.

SABIC Vice Chairman and CEO Mohamed Al-Mady and senior SABIC executives were present at the meeting.

Prince Saud praised the strong relations between Saudi Arabia and South Korea in all fields, especially economics.

The volume of bilateral trade has seen a remarkable increase, mainly in oil and petrochemical products, reaching $33 billion in 2010.

There are areas for more cooperation between the two countries, especially in construction and medium and light industries, he said.

During the meeting, the two sides discussed several important issues, including ways to further boost the close relationship between SABIC and its customers in South Korea. They also exchanged views on the prospects for joint ventures and investments in petrochemicals and the construction industry.

Prince Saud added: “We believe that we have much experience to share. We are confident that South Korea has much to offer the Kingdom for its development and industrial plans, particularly so, since it has already contributed to such efforts in the past,” Prince Saud said.

South Korea also has expertise in areas, which offer strong investment opportunities, like information technology, software and communications, which it could share with Saudi Arabia, he said.

SABIC ranks among the world’s top petrochemical companies.

The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.