Commerce Minister Dr. Majid bin Abdullah Al-Qasabi, who is attending here the Saudi-Korean Business Forum, stressed that the Kingdom’s Vision 2030, initiated by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, has led to a significant diversification of the economy, fosters sustainable and inclusive growth, and encourages innovation in various business sectors.
The Saudi-Korean Business Forum is attended by the Saudi Ambassador to the Republic of Korea, Sami bin Mohammed Al-Sadhan, and some 400 representatives of the public and private sectors.
Al-Qasabi underscored the strategic trade relations between the Kingdom and the Republic of Korea. He highlighted the joint efforts to boost economic prosperity and collaboration, noting that the volume of trade with the Republic of Korea reached, between 2019 and 2023, $35 billion. Moreover, 174 commercial records were issued to Korean companies until last April.
Korean Minister of Trade Dr. Inkyo Cheong said that the Sa
udi-Korean economic and trade partnership is expanding across various sectors, particularly in vital areas like automotive and shipbuilding industries, as well as in emerging areas such as AI, data centers and smart cities. He also pointed out the growth in the trade of services between the two countries, and emphasized that the Korea-GCC Free Trade Agreement will raise economic cooperation to a new level.
Saudi Vice Minister of Commerce and CEO of the National Competitiveness Center (NCC) Dr. Eman bint Habbas Al-Mutairi, who participates in the forum, outlined the significant reforms carried out to boost the Kingdom’s competitiveness, and highlighted promising opportunities in key sectors.
She stressed that the guidance and supervision of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, have led in the positive transformations witnessed by the Saudi economy and business environment. Notably, she said, 820 economic reforms have been carried out by 60 government a
gencies since 2016 in nine key areas, and 1,200 laws and regulations have been issued and updated, boosting the legal framework.
Al-Mutairi also noted that the Kingdom allows 100% foreign ownership in most business sectors, and said the establishment of the Saudi Business Center streamlined business licensing requirements by 55%.
She emphasized that the digitization of government services has reached 97%, indicating the commitment to modernizing administrative processes. Furthermore, the virtual commercial court sessions have reached a 99% activation rate, significantly improving litigation efficiency in the Kingdom.
The forum, which was organized by the NCC, the Federation of Saudi Chambers of Commerce, and the Korean Chamber of Commerce and Industry with the aim of expanding opportunities for economic partnership between the two friendly nations, consisted, among others, of two dialogue sessions. One, “Innovation and Technology”, in which representatives of the Ministry of Investment, the Small and Mediu
m Enterprises General Authority (Monshaat), the Saudi Data and Artificial Intelligence Authority (SDAIA), and Korean companies Naver and Rebellions took part, addressed the role of government initiatives in promoting innovation and technology adoption, and the latest trends and developments in AI.
The other, “Advanced Manufacturing and Infrastructure”, was attended by representatives of the ministries of industry and mineral resources, transport and logistic services, the Saudi Exports Development Authority, the Korea Institute for International Economic Policy, and the Korea Institute for Industrial Economics and Trade, and tackled key developing sectors in advanced manufacturing, and the challenges and opportunities that digital transformation poses to infrastructure development.
Nine agreements were signed by companies from the two sides.
The forum, which is being held on the second day of the Saudi delegation’s visit to the Republic of Korea, which lasts from July 29 to 31, was preceded by meetings bet
ween Al-Qasabi and Minister of Trade, Industry and Energy Dr. Dukgeun Ahn, and Minister of Trade Dr. Inkyo Cheong; the meetings discussed strengthening trade relations between the two nations, and cooperation in global trade issues, especially related to removing trade barriers and increasing exports.
Source: Saudi Press Agency