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  • Ahmed Saleh

Saudi-Korean Investment Forum held in Riyadh, with President Yoon Suk Yeol

Riyadh, October 23, 2023, The Saudi-Korean Investment Forum, graced by the President of the Republic of Korea, Yoon Suk Yeol, convened in Riyadh, with notable attendees from both nations. On the Saudi side, key figures included the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, Governor of the Public Investment Fund (PIF), Yasir bin Othman Al-Rumayyan, and other distinguished dignitaries. The Korean delegation featured Foreign Minister Park Jin, Minister of Trade, Industry and Energy, Bang Moon-kyu, Minister of Land, Infrastructure and Transport, Won Hee-ryong, along with representatives from major Saudi and Korean companies and private sectors.

During the forum, a substantial total of 52 memorandums of understanding (MoUs) were signed, spanning both government and private entities. Government agencies sealed 4 MoUs with the private sector in sectors like real estate development, automotive, and water. The private sector entered into 48 MoUs, covering an array of domains, including transportation, tourism, energy, renewable energy, technology, infrastructure, and cybersecurity.

These agreements signify a commitment to bolster investments between Saudi Arabia and Korea, reflecting the ongoing drive for integration and collaboration between the two nations. The forum also featured a presentation showcasing the strong ties between the two countries, while "Invest Saudi" presentations highlighted investment opportunities in the Kingdom, focusing on economic cities, special zones, industries, and maritime services.

Discussions delved into the potential for a sustainable future through Saudi-Korean cooperation, with various discussion sessions covering topics related to future cities, industries, and mutual interests. Delegates from major companies and private sectors on both sides explored avenues for collaboration, partnerships, and investment opportunities, in addition to reviewing aspects of cooperation, investment partnerships, and the exchange of experiences.

Accompanying the Saudi-Korean Investment Forum is an exhibition aimed at presenting investment opportunities across various sectors, services, and incentives for investors. Multiple government agencies participate in the exhibition, including the Ministry of Investment, the Saudi Authority for Data and Artificial Intelligence (SDAIA), the Royal Commission for Riyadh City (RCRC), the Economic Cities and Special Zones Authority (ECZA), the National Transformation Program, Saudi Vision 2030, and the National Housing Company (NHC).

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