Saudi Arabia wants to expand its economic ties with South Korea by carrying out more joint investment projects in vital sectors, Economy and Planning Minister Dr. Muhammad Al-Jasser said yesterday.
Speaking to the Korean news agency and KBS radio, he said: “Saudi Arabia wants to change the direction of economic ties with South Korea from reliance on trade to trade plus investment.”
Al-Jasser, who is currently in South Korea as part of a tour of Asian countries at the head of a delegation including SAGIA Gov. Abdullatif Al-Othman, said the Saudi delegation had received encouraging response from Korean officials and businessmen.
Al-Jasser said oil would remain a major source of income for the Kingdom, but there are efforts to diversify the sources of income and provide job opportunities for Saudis, noting that the Kingdom is currently witnessing an increase in the value of nonoil exports that increased to 37% from 26% in the past year.
The Saudi minister hailed Korea's economic performance and the success of its economic diversification program. “We are studying their experiences and trying to take advantage of them,” he added. The delegation visited modern industrial zones in South Korea.
KSA-Korea trade ties to be upgraded
