KOTRA Holds 'Trade Consultation Meeting' Aligned with President Yoon's Visit to Saudi Arabia

Expressing Willingness to Strengthen Bilateral Cooperation... Expecting $21 Million Export Contract

KOTRA held the 'Korea-Saudi Arabia Trade Consultation' in Riyadh, Saudi Arabia on the 22nd, coinciding with President Yoon Suk-yeol's state visit to Saudi Arabia.

Saudi Arabia is the world's second-largest oil reserve holder and producer. Recently, it has been actively pursuing industrial diversification policies to move away from an oil-dependent economic structure. In particular, projects are underway to secure next-generation national growth engines centered on 'Saudi Vision 2030,' a mid- to long-term national economic development plan announced by Crown Prince Mohammed bin Salman.

The scene at the 'Korea-Saudi Trade Consultation' event held by KOTRA on the 22nd in Riyadh, Saudi Arabia /
[Photo by KOTRA]

Korea is one of the eight key cooperation countries under Saudi Vision 2030, collaborating in five areas: ▲energy and manufacturing ▲information and communication technology (ICT) ▲human resource development ▲healthcare ▲expansion of trade and investment for small and medium-sized enterprises. By sharing advanced technologies that respond to Saudi Arabia's industrial diversification policy, efforts are being made to strengthen industrial cooperation and solidify bilateral relations.

This consultation was held to inform businesspeople of the two countries' commitment to strengthening strategic economic cooperation. Thirty domestic companies in sectors such as construction materials, plants, and energy participated in the event along with 78 Saudi buyers and clients, conducting a total of 190 business consultations. During this process, several partnerships were discussed, with export contracts worth a total of 21 million USD expected.

Yoo Jung-yeol, President of KOTRA, said, "This consultation was organized to actively utilize Saudi Arabia's policy cooperation demands, diversify areas of cooperation between the two countries, and expand the entry of our companies into the Middle Eastern market, led by Saudi Arabia, a major player in the Middle East. We will also prepare systematic follow-up support measures after this consultation to sustain the new Middle East boom."

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