Saudi Arabia, South Korea seek closer ties after meeting

Second Saudi-Korean Vision 2030 meeting sees signing of six memoranda and agreements across various sectors
Saudi Arabia, South Korea seek closer ties after meeting
The second Saudi-Korean Vision 2030 meeting in the South Korean capital of Seoul has taken place.
By Sam Bridge
Sat 13 Apr 2019 05:33 PM

The second Saudi-Korean Vision 2030 meeting in the South Korean capital of Seoul has taken place to foster closer ties between the two countries.

Six memoranda and agreements were inked between entities from both sides covering energy efficiency, material testing and certification, plans for a plastic gas pipe factory, and a distribution agreement for stem cell products and cosmetic surgical products.

Saudi Arabia’s Minister of Economy and Planning, Mohammed Al-Tuwaijri, and his Korean counterpart, Sung Yoon-mo, Minister of Trade, Industry and Energy, reviewed economic cooperation as part of the Saudi-Korean Vision 2030.

A business forum was held on the sidelines of the meeting and was attended by 110 companies from both countries, a statement said.

Both sides expressed their commitment to opening Vision Realisation Offices in the capital cities of Riyadh and Seoul that would oversee the implementation of the Saudi-Korean Vision 2030 cooperation.

Al-Tuwaijri said: “This is a fantastic point in time and I am very optimistic. Both countries are keen and determined, opportunities are there and funding is available. We are eager to see the private sector of both countries actively engaged. The government is there to help.”

He added: "Our commitment to the relationship with South Korea is evident. Currently, we have 40 initiatives under the umbrella of the Saudi-Korean Vision 2030 and new initiatives are consistently added. One notable outcome of the Saudi-Korean Vision 2030 is to ease visa regulations for Korean businessmen wanting to enter Saudi Arabia."

Yoon-mo said: “The Saudi-Korean Vision 2030 cooperation will provide win-win opportunities such as expediting Saudi Arabia’s industrial diversification by sharing Korean technology and experience and creating new business opportunities for Korea.”

The Korea Development Institute and the Saudi Centre for Strategic Development are also planning to sign a reciprocal agreement that encompasses programs in areas such as research, education, training, expert exchanges and knowledge sharing.

The two countries also established a youth think tank group.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.