Saudi-South Korean trade hits SR176bn

Saudi-South Korean trade hits SR176bn
Updated 29 October 2014

Saudi-South Korean trade hits SR176bn

Saudi-South Korean trade hits SR176bn

Trade exchange between Saudi Arabia and South Korea has exceeded $47 billion (SR176.25 billion), or 11 times of the trade that existed in 1991, a senior Saudi government official told a forum in Seoul, South Korea, Saudi Press Agency reported.
Addressing the Saudi-South Korean business forum, which kicked off here Wednesday, Minister of Economy and Planning Mohamed Al-Jasser stressed the need to boost cooperation in all areas, notably in IT and health fields.
He said cooperation between the two countries expanded to cover political, economic, cultural, educational, health, oil and minerals in addition to a number of deals signed with South Korean contracting firms worth $11 billion (SR41.25 billion) besides a service company set up by Saudi Aramco in Seoul.
The minister enumerated a number of privileges, which have made the Kingdom one of the best investment destinations globally, including its ideal geographical location, outstanding economic status (19th biggest at the global level), abundance of energy sources (25 percent of global oil reserves), and huge renewable energy potentials.
The Kingdom has pumped huge investments in infrastructure projects estimated at nearly SR 2 trillion (or more than $530 billion), the minister told the forum.
The three-day forum and exhibition is being organized by the Saudi Ministry of Commerce, Saudi Exports Development Authority (SEDA) and the Council of Saudi Chambers (CSC).
For his part, Head of Korean Chamber of Commerce and Industry (KCCI) Yong-man Park lauded the progressing relations between the two countries, especially trade, business and investment areas.
CSC board Chairman Abdulrahman Al-Zamil appreciated the role played by the South Korean companies in establishment mega infrastructure projects related to energy, oil, water, petrochemicals in the Kingdom. This forum clearly sends a message of the existence of true partnership between the two countries, he said calling on South Korean investors to enter Saudi market and avail from the huge investment opportunities in the Kingdom.
Meanwhile, Korean Deputy Premier and Minister of Finance and Strategy Choi Kyoung-hwan said the forum reflects deep partnership between the two countries where the Kingdom, he said, is the fourth biggest partner in terms of exports and imports.
On the other hand, Minister of Commerce and Industry Tawfiq Al-Rabiah said Saudi-Korean relations were substantially progressing.
Speaking to reporters on the sidelines of the forum, Al-Rabiah expressed optimism over the future of business and trade relations between the two countries.