120 Saudi-Korean joint projects worth nearly billion-dollar to strengthen economic partnership January 18, 2022

120 Saudi-Korean joint projects worth nearly billion-dollar to strengthen economic partnership

January 18, 2022

South Korean President Moon Jae-in's during his official visit to Saudi Arabia

RIYADH — South Korean President Moon Jae-in's visit to Saudi Arabia will strengthen the volume of bilateral cooperation between the two countries, as it is one of the Kingdom's most important trading partners, the Federation of Saudi Chambers (FSC) stated in a statement carried by the Saudi Press Agency.

The visit will open new economic and investment horizons between the two countries, the FSC affirmed, while pointing out that South Korea is implementing several giant projects in the Kingdom such as: Riyadh Metro, the Shoaiba Power and Desalination Plant, as well as the King Salman Global Maritime Industries Complex in Ras Al-Khair.

South Korea occupies a position among the top ten in imports and exports from and to the Kingdom, and there are 120 joint Saudi-Korean projects worth nearly billion dollars. Of the 120, 20% are industrial projects in addition to other commercial and investment projects in the Kingdom.

According to a study by the Economic Studies Center at the Federation of Saudi Chambers, South Korea has ranked fourth in the third quarter of 2021 for countries to which the Kingdom exports, while it ranked tenth in terms of imports.

The total non-oil exports to South Korea amounted to SR1.2 billion, while the non-oil exports, which is chemical products and its related industries, has topped the ranking with an estimated amount of SR781 million, followed by SR221 million for ordinary metals and its products.

The statement has also stated that the volume of trade exchange between the two countries in the third quarter of 2021 amounted to about SR27.7 billion, growing by 66% compared to the same quarter of the previous year during the height of the COVID-19 pandemic.

Meanwhile, the average change in the volume of trade exchange between the two countries increased from 2010 to 2020, as it rose slightly by 1.2%, due to the global economic crises during these years in addition to the coronavirus pandemic crisis.

The distinguished relations between Saudi Arabia and Korea culminated in the visit of Crown Prince Muhammad Bin Salman to Korea in 2019, which witnessed many political and economic activities and the signing of 15 agreements, worth SR31.1 billion.

The agreements made by the Crown Prince included cooperation in various fields, the most important of which were: Communications and Information Technology, e-government, vehicles, hydrogen economy, medical insurance, culture, supervision of financial institutions, industry, military research and technology, in addition to the National Intellectual Property Strategy Program and a cooperation between the National Center for Strategic Studies with the Korea Development Institute.