The Saudi Minister of Investment, Khalid al-Falih, revealed that 26 agreements were concluded with a total value of about $29 billion during the visit of the Saudi Crown Prince, Prince Mohammed bin Salman, to South Korea.
Falih confirmed to Al Arabiya channel that the Shaheen project is the biggest foreign investment in South Korea, with a value exceeding $5 billion, indicating that the Public Investment Fund (PIF) will sign several agreements with some Korean companies.
Meanwhile, the Federation of Saudi Chambers revealed 40 targeted economic projects and initiatives between Saudi Arabia and South Korea, pointing to the increased volume of trade exchange between the two countries in recent years.
The Federation issued an economic report coinciding with the visit of the Crown Prince to South Korea, stating that the Saudi-Korean economic relations are growing in light of the supportive political will, which provides wide opportunities for economic cooperation and the establishment of trade and investment partnerships.
The report described the Saudi-Korean economic relationship as an international model of constructive, fruitful cooperation and strategic partnership backed by the support of the two countries’ political leadership and government agencies.
It explained that the ties are based on institutional and regulatory frameworks represented by the Saudi-Korean Joint Committee, the Saudi-Korean Vision 2030 including the 40 projects and initiatives, the Saudi-Korean Business Council, and bilateral cooperation and understanding agreements in many fields.
Trade exchange between the two countries increased to more than $125 billion in the past five years. In 2021, it reached about $26.6 billion, including $23 billion in Saudi exports to Korea and $3.5 billion in Korean imports to the Saudi market.
According to the report, Saudi exports witnessed a 61 percent increase, while imports dropped 12 percent.
Organic chemicals, copper and its products, and plastic are the most exported commodities, while vehicles and their parts, boilers, machinery, mechanical goods, electrical machinery, and equipment are the most important imported commodities.
The report stated that there are major trade and investment partnership opportunities between the two countries in energy and manufacturing, smart infrastructure, digital transformation, health care, small and medium enterprises, and investment.
The two countries have agreements on double taxation, preventing tax evasion, higher education, communications and information technology, statistics, e-government, cars, green economy, medical insurance, culture, research, and military technologies.
