By Diplomacy Journal Lee Kap-soo

Korea-Saudi Business and Investment Forum was launched on May 9 in Seoul. The forum is anticipated to catalyze economic cooperation between the two countries across new and cutting-edge areas like digital, advanced manufacturing, clean energy, healthcare, and culture, the Ministry of Trade, Industry and Energy (MOTIE) said.

Part of an aim to strengthen Korea-Saudi partnership in line with the Saudi Vision 2030, the forum brings together 250 business leaders of both countries to seek collaboration and tangible opportunities around promising new industries such as IT, advanced manufacturing, clean energy, special zone development, healthcare, and entertainment.

Participating in the event are a total of 120 Korean and Saudi companies including Saudi Telecom Company (stc), Saudi Arabian Military Industries (SAMI), and Saudi’s first EV manufacturer Ceer, as well as Korean firms either engaged in ongoing cooperation with Saudi partners or seeking new business opportunities.

Deputy Minister for Trade Park Jong-won attended the forum and gave a congratulatory message, stating that the Korean government will actively leverage intergovernmental cooperation channels while also advancing efforts for the Korea-GCC FTA’s swift entry into force to expand the scope of business cooperation between the two countries.