Saudi Arabia, South Korea Discuss Business & Project Collaborations
Saudi Arabia is enhancing regulations and financial support to boost the participation of South Korean companies in major projects. In a meeting with South Korean Land Minister Won Hee-ryong in Seoul, Saudi Investment Minister Khalid Al-Falih highlighted these initiatives and actively sought Korean companies’ involvement in various projects, specifically in the construction and infrastructure sectors.
Exploiting Robust Business Opportunities
Al-Falih pointed out the significant business opportunities available for South Korean companies in Saudi Arabia, expressing this during a visit to Seoul. He was in the city to attend the fourth bilateral committee for Vision 2030, which took place last Friday, fostering conversations around collaborations and mutual business ventures between the two nations.
Broader Bilateral Relations
Won expressed that Seoul will leverage the cooperation between the countries in construction and infrastructure as a platform to forge ties in other fields. These areas include energy, defense, biotechnology, and culture, each holding potential for deeper collaborative efforts. In the Vision 2030 committee meeting held this week, the nations agreed to advance 17 new projects across diverse fields like vital sectors, electronic games, automobile manufacturing, smart city development, and others, on top of the 39 ongoing joint projects. Both sides affirmed that they are diligently working towards executing the business deals and cooperation agreements signed last November, adhering to the planned schedule.
Notably, the Saudi-Moroccan Technical Committee for Maritime Transport and Ports concluded its first meeting in the city of Casablanca, Morocco which aimed to develop bilateral relations in the maritime transport and ports industry.
The meeting was chaired by Abdulrahman Althonayan, the Deputy Director of Maritime Transport at the General Authority of Transport, and Najib Al-Karkouri, the Director of Maritime Navigation in Morocco.
Both parties emphasized the deep strategic partnership between the two Kingdoms and the need to enhance it in various sectors to serve the maritime industry and seafarers.
The meeting aimed to continue the integration and coordination process through the committee, discussing ways to promote cooperation and exchange expertise between relevant authorities.
