Seoul: South Korea and Saudi Arabia hosted a joint business forum in Seoul to promote the expansion of bilateral cooperation in advanced industries, Seoul's industry ministry said. The event aimed to strengthen ties between the two nations in various sectors.
According to Yonhap News Agency, 20 major companies from Riyadh, including the country's biggest wireless carrier STC Group, state-run defense company Saudi Arabian Military Industries, and Saudi's first electric vehicle manufacturer Ceer, participated in the forum. These companies joined 100 firms from Seoul to discuss potential cooperation in information technology, digital infrastructure, electric vehicles, defense, renewable energy, and other advanced industries.
Vice Trade Minister Park Jong-won emphasized the importance of the collaboration in his congratulatory message for the forum. He stated, "To respond to the rapidly changing global trade environment, we need to strengthen cooperation with emerging Global South countries, such as Saudi Arabia." He further added that the South Korean government plans to utilize government-level cooperation channels and push for the early implementation of the Korea-GCC Free Trade Agreement to facilitate greater business collaboration between companies from both countries.
The Korea-GCC free trade pact, signed in 2023, includes six countries: the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.