Korean Trade Promotion and Investment Agency (KOTRA) organized a symposium on "Saudi-Korea health care cooperation" in Riyadh on Thursday. During the event, experts from both sides explored opportunities for cooperation in medical engineering, including Research and Development in the sector.

Kim Jin-soo, South Korean ambassador to the Kingdom, told Arab News that relations between the two countries are very healthy. "Saudi Arabia and Korea enjoy very cordial relations with expert exchange in different fields, but we have gathered here to discuss medical engineering, including R&D, for the first time, which makes the seminar unique," he said.

The diplomat also explained that this symposium will strengthen the ties between the two countries.

"We had ties in the pharmaceutical sector, but now experts from the two are sides are exploring opportunities for trade in medical equipment. This is a significant development, which will further enhance cooperation between the Kingdom and the Republic of Korea," the envoy commented after the seminar.

Asked about the possibility of South Korea training Saudi youth in health care to further support cooperative efforts, Kim said that there already is an exchange program, and explained that the number of participants is expected to grow next year.

Abdulrahman Al-Nuaim, health care consultant and adviser at Riyadh's King Faisal Specialist Hospital, gave a speech during the symposium on medical equipment in Saudi Arabia, citing the country's medical device market as “untapped opportunities.”

Al-Nuaim highlighted the ample opportunities in this sector in the Kingdom, which accounts for nearly 50 percent of the total Middle East market. He added that the Kingdom's medical device market was estimated at around $1.1 billion in 2013.

According to the consultant, the main suppliers of medical devices to the Kingdom are the United States, Germany, the Netherlands, China and Belgium.

Rho Jungmin, deputy director of Kotra, which is also the commercial section of the South Korean Embassy, commented on the event saying that their motto is to deepen his country's understanding of the health care market in the Kingdom, while increasing the competitiveness of Korean medical industries amid participants from both nations.

Jungmin told the audience that his country's health care system is ranked 10th in terms of GDP and based on rapid economic growth over the years, it has begun to show a remarkable increase in the medical engineering market.

Speaking on the occasion, Chi Moonhwan, manager of Samsung electronics, announced the company's entry into the overseas medical market, after its successful venture into the domestic medical equipment market.