Arab News, Tuesday, Mar 14, 2023 | Sha'ban 22, 1444
Saudi Arabia and South Korea deepen trade and economic ties with 10 MoUs
Saudi Arabia: Saudi Arabia and South
Korea reviewed ways to enhance cooperation in the fields of entrepreneurship and
innovation, as the Kingdom’s Minister of Investment Khalid Al-Falih met with the
east Asian country's Minister of Small and Medium Enterprises and Startups Lee
Young in Riyadh.
During the meeting, both ministers discussed
opportunities for investment partnerships, in addition to getting Korean SMEs
entering the Kingdom, Saudi Press Agency reported.
Multiple memorandum of understandings were also
signed during the Korean delegation’s visit to Saudi Arabia, which are aimed at
providing support to SMEs, along with enabling entrepreneurs to enter the field
with more confidence and emphasis.
These MoUs will also help attract investments in
the fields of health and agricultural technologies, artificial intelligence for
smart cities, digital automization, tourism and hospitality industry, digital
contents, and robots.
In an interview with Arab News on the sidelines of
entrepreneurship conference Biban 2023 in Riyadh, Young said she was hopeful
increasing ties with Saudi Arabia would encourage businesses in her country to
tap into the global market.
“Even though we have lots of startups, most of
them are focused on the domestic market,” she said.
Relations between the two countries are getting
stronger, and in 2022 Crown Prince Mohammed bin Salman visited Korea to sign a
MoU with regards to large-scale companies, SMEs and startups.
She added: “At the time, the Saudi government
explained which fields they were all interested in. For example, smart phones,
new energy, and game-like content.”
As a part of its economic diversification
strategy, in line with the goals outlined in Vision 2030, Saudi Arabia is
strengthening its trade and economic ties with several countries.
Earlier in March, Khalid Al-Falih met with former
Cyprus president Nicos Anastasiades and discussed joint cooperation in various
sectors.
Al-Falih also met Cyprus Finance Minister Makis
Keravnos and signed a framework cooperation agreement aimed at generating mutual
investment opportunities between the Kingdom and the Western Asian nation.
In March, Saudi Arabia also signed an agreement
with Bulgaria to establish a ‘Saudi-Bulgarian Joint Committee’ to implement
general cooperation in various fields.
The joint committee will work toward strengthening
bilateral economic relations between the two countries, along with enhancing
cooperation opportunities in various sectors.
In February, a meeting between the former
President of Croatia, Colinda Grabar, and Saudi business owners at the
headquarters of the Federation of Saudi Chambers in Riyadh decided to form a
joint Saudi-Croatian business council to tap new areas of economic cooperation
between the two countries.
During the meeting, Grabar also expressed her
country’s desire to sign an economic cooperation agreement with the Kingdom to
expand the areas of trade and investment cooperation.