RIYADH, 2 April — A high-level Saudi delegation comprising 80 officials and businessmen led by Commerce Minister Osama Jafar Faqeeh left for South Korea yesterday to participate in the Joint Economic Commission meeting. The meeting, to begin today, is crucial as the Kingdom and Korea seek to boost trade and investment relations further in a period of global recession after Sept. 11 terror attacks in the US.
A spokesman of South Korean Embassy Moon Pyung-jun told Arab News that Riyadh and Seoul are likely to endorse a major investment protection agreement during this meeting. The draft of the treaty, he said, is ready and its formal signing will boost investment in a range of joint projects. A total of 34 joint ventures have already been set up so far by the private sectors of the two countries with cumulative investment exceeding SR638 million.
On the other hand, Saudi Arabia’s portfolio investment in South Korea currently amounts to about SR2.25 billion including Saudi Aramco’s investment in Ssangyong refineries and that of Prince Alwaleed’s in Daewoo and Hyundai.
Referring to the Saudi-Korean meeting, the spokesman said that this event will strengthen trade relations between the two countries, whose total trade has been in the region of SR35 billion annually. Faqeeh’s 80-member entourage to Seoul also includes high-ranking officials from ministries of finance, interior, foreign affairs, higher education, industry & electricity, information, Islamic affairs, agriculture & water besides ministry of petroleum and mineral resources.
