KOTRA Holds 'Korea-Saudi Investment Forum' for Saudi Crown Prince's Visit to Korea

Signing of Over 20 MOUs Between the Saudi Government and Companies from Both Countries

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA), in collaboration with the Korea Chamber of Commerce and Industry (KCCI), hosted the "Korea-Saudi Investment Forum" on the 17th at the KCCI International Conference Hall. This event was jointly planned by the Ministry of Trade, Industry and Energy of Korea and the Saudi Ministry of Investment (MISA) to coincide with the visit of Crown Prince Mohammed bin Salman of Saudi Arabia.

Since Crown Prince Mohammed bin Salman officially became the heir to the throne, Saudi Arabia has been undergoing major reforms. The core of these reforms is based on Saudi Vision 2030, aiming to shift away from an oil-centered economic structure and establish a new industrial foundation. Saudi Vision 2030 is a mid- to long-term national economic restructuring plan announced by Crown Prince bin Salman in 2016. Its main goal is to secure next-generation national growth engines suitable for the post-oil and decarbonization era.

Saudi Arabia has identified Korea as an important partner in realizing this national vision. This is due to Korea’s strong manufacturing capabilities, ability to execute large-scale projects, and the strength of its cultural industry, which has even sparked a Korean Wave (Hallyu) boom in Saudi Arabia.

KOTRA stated, "Saudi Arabia hopes Korean companies will invest locally, and domestic companies are highly interested in business opportunities arising from Saudi Arabia’s development process," adding, "We expect today’s forum to be an important opportunity to meet the needs of the business sectors of both countries."

The majority of companies that applied to participate in the forum indicated in preliminary surveys that they were interested in investing in Saudi Arabia. The preferred investment period was mainly 2023 to 2024. The main industries of the applicant companies were diverse, including ▲construction ▲energy ▲bio ▲automobiles and parts ▲information and communication technology (ICT) ▲chemicals ▲food, among others. In terms of cooperation fields, there was strong demand for the NEOM City project, as well as investments in medical, bio, ICT, construction, and manufacturing sectors.

During the forum, more than 20 memorandums of understanding (MOUs) were exchanged. These MOUs were between the Saudi government and Korean companies, as well as between companies from both countries. The agreements mainly covered local investment and project participation, green hydrogen production, joint market development, technology transfer, and capacity building cooperation.

Panel discussions focused on future industries, supply chains, eco-friendly energy, and startup investment cooperation between the two countries. It was an opportunity for economic leaders from Korea and Saudi Arabia to discuss constructive cooperation plans regarding the future vision of their economies. After lunch, a networking consultation session was held between visiting Saudi companies and Korean companies.

This content was produced with the assistance of AI translation services.