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Saudi Arabia, South Korea Ink 15 Deals across Broad Range of Strategic Sectors

Saudi Arabia, South Korea Ink 15 Deals across Broad Range of Strategic Sectors

Wednesday, 26 June, 2019 - 17:30
Saudi Arabia and South Korea sign 15 MoUs across a broad range of strategic sectors. (SPA)
Asharq Al-Awsat

The Saudi Arabian General Investment Authority (SAGIA) announced on Wednesday the signing of 15 memoranda of understanding (MOUs) and agreements with Korean investors. Two new licenses were also awarded to Korean businesses, permitting them to establish operations in the Kingdom.

These deals highlight the value and diversity of opportunities being created by Saudi Arabia’s Vision 2030 plan, as well as the growing interest from public and private sector entities from across the globe to invest in the Kingdom.

The deals were signed during a visit to South Korea by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Spanning a number of strategic sectors include finance, media, manufacturing, construction and petrochemicals – these agreements involve a number of leading Korean firms.

SAGIA Governor Ibrahim Al-Omar commented: “Businesses from Saudi Arabia and South Korea have a strong track record of working together, and there are significant opportunities for further growth.”

“The relationship between our two countries is a winning proposition for both sides. Saudi Arabia benefits from Korean businesses’ expertise and investment, while Korean companies are able to tap into a dynamic G20 economy with strong market fundamentals across a number of strategic sectors.”

“These partnerships are essential for unlocking innovation and opportunities, while transferring valuable skills and creating jobs for young Saudi men and women. We look forward to welcoming these companies to the Kingdom and we hope many more will follow.”

The announcements follow the Saudi-Korean Partnership Convention held in Seoul on Wednesday. The event brought together more than 200 participants, including high-ranking government officials, investors and business leaders for a series of open discussions, presentations, sectorial workshops and bilateral meetings.

The Convention is a key step in implementing the Saudi-Korean Vision 2030 plan, a cooperation agreement signed between the two countries in 2017. The plan is designed to diversify the scope of collaboration between these two countries, with a focus on energy and manufacturing, smart infrastructure and digitization, capacity building, healthcare and life sciences, and small and medium sized enterprises and investments.

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