Saudi Commerce Minister Leads Effort To Strengthen Trade Ties With Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul, leading a delegation to enhance trade relations with the Republic of Korea. The three-day visit includes officials from 10 government agencies and 55 business leaders from major Saudi companies. Their goal is to strengthen economic partnerships and participate in the Saudi-Korean Business Forum.

During a meeting with Korean Prime Minister Han Duck-soo, Dr. Al-Qasabi emphasized the importance of enhancing commercial ties between the two nations. This aligns with directives from His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. The Saudi Ambassador to Korea, Sami bin Mohammed Al-Sadhan, also attended the meeting.

The discussions included progress on free trade agreement talks between Korea and the Gulf Cooperation Council. They also examined how Saudi Arabia's Vision 2030 reform agenda could create new business opportunities for collaboration.

Dr. Al-Qasabi met with Korean Minister of Small and Medium Enterprises and Startups, Oh Young-ju, to discuss knowledge sharing and talent exchange. They focused on leveraging Korea's experience in developing small and medium enterprises (SMEs) to benefit both countries.

The delegation's comprehensive nature is evident as it includes representatives from key government bodies. This highlights the broad scope of the trade discussions taking place during this visit.

E-commerce Expansion Plans

Additionally, Dr. Al-Qasabi engaged with Naver's CEO, Choi Soo-yeon, about the company's plans to enter the Saudi market. They discussed potential collaborations to expand e-commerce within the kingdom.

The visit underscores Saudi Arabia's commitment to strengthening its economic ties with Korea while exploring new avenues for cooperation across various sectors.

With inputs from SPA