According to Yonhap News,

South Korea and Saudi Arabia hosted a joint business forum Friday in Seoul to promote the expansion of the countries' bilateral cooperation in advanced industries, Seoul's industry ministry said.

From Riyadh, 20 major companies attended the forum, including the country's biggest wireless carrier STC Group, state-run defense company Saudi Arabian Military Industries and Saudi's first electric vehicle (EV) manufacturer Ceer, according to the Ministry of Trade, Industry and Energy.

From Seoul, 100 companies took part to discuss cooperation with Saudi Arabian firms.

The forum discussed possible cooperation between the two countries in information technology (IT), digital infrastructure, EVs, defense, renewable energy and other advanced industries, according to the ministry.

"To respond to the rapidly changing global trade environment, we need to strengthen cooperation with emerging Global South countries, such as Saudi Arabia," Vice Trade Minister Park Jong-won said in a congratulatory message for the forum.

"We will actively utilize government-level cooperation channels and push for the early implementation of the Korea-GCC (Gulf Cooperation Council) Free Trade Agreement to facilitate greater business collaboration between companies from both countries," he added.

The Korea-GCC free trade pact was signed in 2023. The GCC consists of six countries -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.


nyway@yna.co.kr

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Source: Yonhap News (May 9, 2024)