Middle-east Arab News Opinion | Asharq Al-awsat

South Korea Wants to Increase Trade Exchange with Saudi Arabia | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi Arabia’s King Salman greeted South Korean President Park Geun-hye in Riyadh. PHOTO: SAUDI PRESS AGENCY/REUTERS

Riyadh – South Korea is looking forward to a transition in its comprehensive relations with Saudi Arabia in 2017, including: increased trade and investments exchange and technology transfer.

Seoul is seeking a role in the economic diversity of kingdom, based on Vision 2030, through increased partnership in vital aspects like energy, petrochemical industries, healthcare, cars, and electronics.

The First Secretary of Economic Affairs of South Korea Embassy in Riyadh told Asharq Al-Awsat that the Saudi-Korean relations will have a shift in the year 2017, with the expected meeting of the joint-governmental committee in Korea.

He added that since 1962, Seoul have had strong diplomatic relations with Riyadh. He went on to say that South Korea consider the Kingdom a friend-country.

The First Secretary pointed out that it is expected for representatives of both countries to participate in the meeting taking place during the first half of 2017 to discuss means of cooperation and South Korea’s support for Saudi Arabia to achieve the Vision 2030 goals.

He also mentioned that the trade exchange between the two states has been increasing because Seoul is capable of meeting the Kingdom’s needs to diversify its economy.

Concerning the Saudi-Korean relations in investment and trade, the First Secretary said that trade exchange between the two countries in 2015 was about $27.5 billion; Saudi export to Korea was $17.6 billion while import reached $9.9 billion.

As for investment, he stated that Korean investments in Saudi Arabia exceeded the $100 million in 2011, and it continued to increase until it reached $1.360 billion in 2015.

He pointed out that Saudi investments in South Korea were about $1.127 billion in 2015 which means that both investments in both countries had exceeded the $2.4 billion.

The First Secretary listed construction, energy, petrochemicals, healthcare and other areas as the primary sectors of the two countries cooperation.