Veteran economist is S. Korea’s new envoy

RIYADH: Veteran economist Kwon Pyung-oh, appointed by South Korea as its ambassador to Saudi Arabia, presented copies of his credentials to Nizar Obaid Madani, minister of state for foreign affairs, here Tuesday. A former deputy minister for international trade and investment, Pyung-oh, 58, holds a doctorate in economics.
Welcoming the new South Korean envoy, Madani wished him success in his mission and expressed hope that the new envoy will significantly contribute to the “development of bilateral relations and the expansion of mutual cooperation especially in the field of trade and commerce.” He appreciated the dynamically developing partnership between the Kingdom and Korea.
A stalwart economist, Pyung-ho, who started his public career in 1984 by joining Korean Ministry of Trade and Industry, has had the distinctions to work as director general for finance and planning, director general for Korea’s free economic zones and director general for regional economic policy for Korean government.
Pyung-ho was conferred the prestigious “Order of Service Merit” for his exceptional services. The Order of Service Merit is a major South Korean government award given to public officials for their outstanding and meritorious services.
Expressing gratitude for the good wishes, Pyung-oh assured that during his office he will do his utmost to strengthen and deepen the Saudi-Korean cooperation. Referring to the talks between the two officials, Lee Jungho, a spokesman of the Korean Embassy, said that “Madani and Pyung-oh touched upon a wide range of issues related to the expansion of bilateral relations in all fields, more so in commercial sector.” To this end, it must be noted that almost 200 Korean companies have their presence in the Kingdom and they are active in technology-intensive and value-added projects.
On the trade front, Saudi Arabia is one of the major trading partners of Korea. The trade between the two countries has been in the region of $46 billion annually. The Kingdom is Korea’s largest oil supplier, making up almost one third of Korea’s total oil import. Saudi Arabia has also significant investments in South Korea. At the end of 2014, the total amount of Saudi investments in Korea have reached more than $900 million, whereas Korea have invested more than $1.2 billion in the Kingdom so far.