Invest KOREA

Published '2030 Saudi Arabia Investment Guide' as a follow-up measure to a President's economic diplomacy
Contain detailed information needed to enter the Saudi Arabian market, which is emerging driven by Neom project

On November 30, KOTRA (President Yu Jeoung-yeol) published the '2023 Saudi Arabia Investment Guide' in cooperation with the Ministry of Trade, Industry and Energy (Minister Bang Moon-kyu), containing the latest information needed for Korean companies entering Saudi Arabia.

Saudi Arabia is ordering Giga projects, the state-led mega-infrastructure development project, as part of its 'Vision 2030', a mid- to long-term national development strategy. Korea was selected as one of the five key partners for this strategy.

Indeed, Saudi Crown Prince Mohammed bin Salman visited Korea in November last year, with the aim of seeking Korean companies to participate in various projects, such as Neom City. In response, Korea also sent an economic delegation to Saudi Arabia accompanying a presidential visit in October this year. As such, economic cooperation between the two countries has been on the rise, including the establishment of a joint venture with the Saudi government and local companies, and promotion of technical cooperation and joint projects.

In keeping with this trend, KOTRA published the 'Saudi Arabia Investment Guide' on November 30, containing key information to support Korean companies' entry into the Saudi Arabian market. In fact, some companies that want to enter the Saudi Arabian market complained about difficulties stemming from different institutions, policies, and business practices of the Middle East. In order to close this information gap, KOTRA provided essential information necessary for making investment in Saudi Arabia, such as the country's latest investment environment, procedures, and incentives.

The booklet can be downloaded in PDF file format for free on the KOTRA's Trade Data website (dl.kotra.or.kr ) and the presidential global window website (president.globalwindow.org ), available from November 30.

Commissioner Kim Tae-hyung of Invest KOREA said, "Saudi Arabia's Giga projects will provide new opportunities for Korean companies and will be an experimental venue to spread Korean companies' technological innovation across the globe," adding, "we hope that this investment guidebook will serve as useful compass for Korean companies that are considering investing in Saudi Arabia or joining its projects."

Meanwhile, KOTRA plans to publish a series of investment guidebooks in December this year about Mexico, Indonesia, Dallas (US), Vietnam, Brazil, and Thailand, which are increasingly sought-after by Korean companies as investment destinations.



Source: Invest KOREA (December 1, 2023)