SEOUL, A trade association kicked off on Tuesday with the aim of enhancing economic connections between South Korea and Saudi Arabia, as the two countries seek to strengthen collaboration in various areas, including the Neom city project.

The Korea-Saudi Arabia Industry and Trade Association (KOSSA) officially launched with the objective of fostering broad bilateral cooperation spanning technology, tourism and the economy, the organization said.

“(The organization) will not only support the government’s policy but also serve as the guide for South Korean businesses wishing to enter Saudi Arabia,” Park Joo-sun, the head of KOSSA, told reporters during the commencement ceremony.

“We will support efforts to find new business opportunities in Saudi Arabia, including the Neom city project, and establish a comprehensive platform to support investment in business, finance, technology and construction,” he added.

The Neom project is one of the major initiatives launched by Saudi Arabia, aiming to build a sustaina
ble city operated by cutting-edge technologies and powered by renewable energy, with a budget of US$500 billion.

“Through the association, we hope that economic officials of the two countries can build friendships and expand investment and cooperation,” President Yoon Suk Yeol also said in a congratulatory message sent to the event. “The government will spare no efforts to support such efforts.”

Park No-hwang, the former CEO of Yonhap News Agency who currently serves as the chairman of the board of the TBS Media Foundation, was named as the vice president of KOSSA.

The organization said Ammar Al Khudairy, the former head of Saudi National Bank, will visit South Korea this week to clinch agreements worth 10 trillion won (US$7.48 billion) with local financial institutions, to support local firms seeking business opportunities in the Middle East nation.

Officials from KOSSA will also visit Saudi Arabia in May to meet representatives of the Neom city project, and sign agreements to lend a hand to South Korean
firms.

“Despite South Korean firms signing numerous memoranda of understanding for the Neom City project, final contracts have not been secured,” the president of KOSSA said, noting the new association will serve as a facilitator for such agreements.

Source: Yonhap News Agency