The Saudi-Korean Joint Business Council held its second meeting in Riyadh tonight.
Addressing the gathering on the fringes of the official visit of the Korean Prime Minister, Lee Hae-Chan to the Kingdom, Abdulrahman bin Rashid Al-Rashid, Chairman of the Saudi Chambers of Commerce and Industry welcomed the Korean delegation saying that the Republic of Korea is a strategic partner of Saudi Arabia, noting that both economies play key roles in the international economic arena, with Saudi Arabia and the Republic of Korea continuously expanding their economic cooperation.
"According to our records, the Republic of Korea is our 6th commercial partner in terms of import, and our 3rd commercial partner in terms of export", Al-Rashid said.
He said: "Our investment environment became one of the most attractive in the world with many potentials. This is due mainly to a number of factors, among them the natural resources the Kingdom enjoys.
"Now we invite qualified Korean firms who would like to invest in Saudi Arabia, on joint venture basis, to participate with their Saudi counterparts in various fields, such as gas, water, electricity, construction, transportation, minerals etc."
Dr. Abdulrahman Al-Anqari, the leader of the Saudi side in the Council, pointed to the growth of Saudi-Korean commercial relations which, he said, reflect deep friendship and understanding and yield positive results over the years.
He hoped that Koreans will be among the first to pour investments in the Kingdom, based on the deep-rooted ties binding the two countries.
On his part, the leader of the Korean side, Kim Sun-Dong thanked the Saudi side, noting that Saudi Arabia is working as a promoter of the Middle East economics not only in oil industry but also in non-oil industrial areas.
"Especially, considering the Saudi's ambitious five-year economic plan, privatization of major industries such as power and telecommunication, and the open policy for accessing the WTO, I'm confident that the prospect of Saudi Arabian economy is much brighter than ever", he told the gathering.
Then the Korean Vice Minister of Foreign Affairs and Trade, Bo Myung-Hwan addressed the gathering on behalf of the Korean Premier, noting that this meeting was the second for the Saudi-Korean Joint Businessmen Council, and that Korea was keen to look for new trade and investment partners, including those in the Gulf region in general and in the Kingdom of Saudi Arabia in particular.
Then discussion on economic aspects between the two countries and the investment opportunities available in the two countries, particularly in the field of construction and rehabilitation, investment and transformative industries took place.
