New Trade Association Launched to Strengthen South Korea-Saudi Arabia Economic Ties

SEOUL - Tuesday marked the official launch of the Korea-Saudi Arabia Industry and Trade Association (KOSSA), aiming to bolster economic relations between South Korea and Saudi Arabia. According to the newly established organization, KOSSA is set to enhance bilateral cooperation across various sectors, including technology, tourism, and the economy, with a particular focus on the Neom city project. Park Joo-sun, head of KOSSA, during the inauguration ceremony, emphasized the association's role in supporting South Korean businesses interested in the Saudi market. He outlined the organization's commitment to facilitating new business opportunities, including involvement in the Neom city project, and to creating a comprehensive support platform for investment in various fields. The Neom city initiative, a $500 billion project by Saudi Arabia, aims to construct a sustainable city powered by renewable energy and advanced technologies. President Yoon Suk Yeol, in a congratulatory message, expressed hopes for the ass ociation to foster economic relations and expand investment and cooperation between the two countries. The event also highlighted upcoming engagements, including a visit by Ammar Al Khudairy, former head of Saudi National Bank, to South Korea for signing agreements beneficial to local firms eyeing the Middle Eastern market, and a future visit by KOSSA officials to Saudi Arabia to further collaboration with the Neom city project. Despite previous memoranda of understanding for the Neom project, final contracts have been elusive, a challenge KOSSA aims to address.