Kingdom seeks South Korean entrepreneurial partnership

The Kingdom is keen to learn from the successful development experiences of different countries, in particular the Republic of Korea, said Minister of Economy and Planning Mohammed Al-Jasser. He emphasized the importance of exchanging experiences between the officials of the two countries, in both the public and private sectors.
Korean Minister of Knowledge Economy Hong Suk-woo extended an invitation to a delegation from the Saudi Ministry of Economy and Planning and the General Investment Authority to visit the country. The visit, which lasted six days, included a number of extensive meetings with Korean officials, during which issues of cooperation and coordination were discussed. The visit also witnessed the signing of a cooperation agreement for frameworks and mechanisms that aims to increase mutual investment projects.
During the visit, Al-Jasser related to his counterparts how the Kingdom managed to reduce public debt during the past few years, while simultaneously continuing to support education and health infrastructures. He also referred to Custodian of the Two Holy Mosques King Abdullah’s program that has sent Saudis on scholarships to universities that focus on science and technology.
“The Saudi private sector has recently witnessed the influx of a new generation of qualified young entrepreneurs. This generation aspires to lead in a creative and innovative manner,” the minister said. He called on Korean companies to seize these valuable opportunities, and establish real partnerships with them.
The minister stressed the Kingdom’s determination to become a knowledge-based economy in the next two decades. He pointed out that the country is an essential source for energy and commands the largest economy in the Middle East, with sound fiscal and economic policies.
Saudi Arabian General Investment Authority (SAGIA) Gov. Abdullatif Al-Othman, who was part of the delegation, stressed the importance of the Saudi and South Korean private sectors in stimulating investment opportunities in both countries. “The investment environment in the Kingdom is favorable and fertile to attract further investments. The Saudi economy is one of the most competitive economies in the Middle East,” said Al-Othman, adding that the relationship between the two countries is excellent on all fronts — political, economic and scientific.
Al-Othman said Korean investment in the Kingdom has grown during the last few years, from 45 to 99 investment projects.