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Saudi firms to boost Korean trade

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RIYADH: RASHID HASSAN

Published — Sunday 12 October 2014

Last update 11 October 2014 10:26 pm

Seoul will host the next Saudi-South Korea business forum from Oct. 29 to 31, which aims to further enhance economic cooperation between the two countries.
Announcing this in Riyadh on Saturday, South Korean Ambassador Kim Jin-soo, said bilateral investment would top the agenda during the three-day long business forum in the South Korean capital.
He added that the high-profile business meet will be attended by Minister of Commerce and Industry Tawfiq Al-Rabiah, Minister of Economy and Planning Muhammad Al-Jasser, Saudi Arabian General Investment Authority (SAGIA) Gov. Abdullatif A. Al-Othman and Yoon Sang-Jick, minister of trade, industry and energy for South Korea, to discuss formidable collaborations in order to bolster bilateral ties.
He stated that 51 Saudi companies have confirmed their participation for the significant business forum, which seeks comprehensive cooperation between the Kingdom and South Korea. The final agenda of the forum, which is spread over nine sessions, is yet to be finalized. However, sources said, energy will be a key issue to be discussed comprehensively.
Notably Hashim Abdullah Yamani, president of King Abdullah City for Atomic and Renewable Energy (KACARE), will also participate in the forum, which is expected to have the huge presence of the Saudi-South Korean business community.
KACARE is a dream project aiming to build a sustainable future for the Kingdom by developing a substantial alternative energy capacity fully supported by world-class local industries.
Apart from the B2B sessions, the forum will host an accompanying exhibition during the same period, from Oct. 29 to 31, to exhibit the products of mutual interest as the forum aims at promoting closer cooperation between the two countries.
Saudi Arabia and South Korea have expanded the scope of cooperation across the sectors by carrying out joint investment projects in vital sectors, economy and planning, and the two friendly countries are now the fourth largest trade partners, with the volume of trade reaching $46.5 billion in 2013.
According to organizers, the forum is expected to change the direction of economic ties from reliance on trade to trade plus investment.

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