SEOUL: South Korea and Saudi Arabia convened a high-level business forum in Seoul on Friday to bolster cooperation across advanced industries, signalling a shared commitment to strategic economic collaboration amid a shifting global trade landscape.
The Korea–Saudi Arabia Business Forum brought together over 120 companies, including 20 major firms from Riyadh and 100 South Korean enterprises. The event was organised under the auspices of South Korea’s Ministry of Trade, Industry and Energy.
Participating Saudi organisations included telecoms leader STC Group, state defence conglomerate Saudi Arabian Military Industries (SAMI), and Ceer, the Kingdom’s first electric vehicle (EV) manufacturer. From Korea, a broad spectrum of firms across sectors such as information technology, defence, digital infrastructure, EVs, and renewable energy took part in bilateral discussions.
Vice Minister for Trade Park Jong-won, delivering a congratulatory message, emphasised the importance of aligning with emerging Global South economies. “To navigate the rapidly evolving global trade environment, it is essential to deepen cooperation with dynamic economies such as Saudi Arabia,” he said.
He also underscored Korea’s intent to leverage existing bilateral frameworks, including the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement, to further facilitate business synergies. “We will actively utilise government-level cooperation channels and expedite the implementation of the Korea-GCC FTA to support enhanced private-sector collaboration,” Park added.
Signed in 2023, the Korea-GCC FTA is designed to remove trade barriers and expand economic integration with the six GCC member states: Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Qatar, and Kuwait.
The forum marks another step forward in the growing economic partnership between Korea and Saudi Arabia, particularly as both countries pursue innovation-led industrial strategies.
–Yonhap
