Written by 19:17 Business, News, Saudi Arabia

Korea-Saudi Economic Relations will Expand Following an Official Visit

Korea-Saudi Economic Relations will Expand Following an Official Visit

Following a visit to Seoul by a group from the Kingdom headed by the minister of commerce, trade between Saudi Arabia and Korea is expected to increase significantly.

In an effort to fortify bilateral connections, Majid Al-Qasabi will meet with Korean ministers and officials from July 29 to July 31. Attendees will include representatives from ten government agencies, as well as fifty-five prominent business leaders and executives from key national enterprises.

The visit has a number of goals, one of which is to explore potential areas of cooperation while also facilitating economic activity between the East Asian nation and the Kingdom.

Participating in the Saudi-Korean economic Forum, which enables both countries to debate and develop their trade and economic partnerships, is an essential component of the gathering. This delegation’s top priority continues to be boosting trade between the two nations.

The historical ties and strong economic cooperation between Saudi Arabia and Korea are highlighted by this visit.

The ministry’s statistics shows that between 2019 and 2023, total trade between the two countries reached SR554 billion ($147.6 billion), with an increase in yearly commerce value from SR93.6 billion to SR129.8 billion over that time.

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