South Korea and Saudi Arabia Strengthen Economic Ties

SEOUL - The governments of South Korea and Saudi Arabia have engaged in discussions to evaluate the progress of their existing bilateral business agreements and to explore new opportunities for economic collaboration. This dialogue was confirmed on Friday by the South Korean Ministry of Trade, Industry and Energy.

According to Yonhap News Agency, Industry Minister Bang Moon-kyu met with his Saudi counterpart, Bandar Alkhorayef, in Seoul to discuss the implementation of business deals signed since last year, which amount to a total of US$44.6 billion. Bang emphasized the smooth execution of these agreements and expressed a commitment to maintaining close cooperation with Saudi Arabia moving forward.

During the meeting, the South Korean minister expressed a keen interest in expanding collaboration, particularly in sectors like mineral processing. He also suggested actively seeking additional areas for joint ventures. The meeting follows South Korea's President Yoon Suk Yeol's state visit to Saudi Arabia in October, where companies and institutions from both countries signed deals worth $15.6 billion. Additionally, the Saudi Crown Prince Mohammed bin Salman's visit to South Korea in November 2022 resulted in the signing of business agreements valued at $29 billion.

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