Dr. Eman Al-Mutairi, CEO of the National Competitiveness Center (NCC) and Vice Minister of Commerce for Saudi Arabia, pointed out that one important reason for drawing in foreign investment is that the Kingdom permits 100% foreign ownership in the majority of economic sectors. This was emphasized by Commerce Minister Dr. Majid Al-Qasabi during the Saudi-Korean Business Forum on Tuesday. He noted that Saudi Arabia's Vision 2030 has resulted in significant economic diversification, inclusive and sustainable growth, and the promotion of innovation across a range of business sectors.
The symposium emphasized the strategic trade links between Saudi Arabia and Korea and was attended by some 400 representatives from the public and business sectors, including Saudi Ambassador to Korea Sami Al-Sadhan.
Expanding business collaboration opportunities between the two countries was the goal of the event, which was hosted by the NCC, the Korean Chamber of Commerce and Industry, and the Federation of Saudi Chambers of Commerce.
Two dialogue sessions were held: one on "Innovation and Technology," wherein participants from the Ministry of Investment, Monshaat, SDAIA, and Korean companies Naver and Rebellions discussed the role of government initiatives in fostering innovation and technology adoption; the other on "Advanced Manufacturing and Infrastructure," which brought together representatives from multiple ministries and institutes, addressed important developing sectors in advanced manufacturing and the opportunities and challenges presented by digital transformation in infrastructure development.
Companies from both sides signed nine agreements, signaling the forum's successful conclusion. Dr. Al-Qasabi met with Korea's Ministers of Trade, Industry, and Energy, Dr. Dukgeun Ahn, and Dr. Inkyo Cheong, prior to the event, which took place on the second day of the Saudi delegation's visit to Korea from July 29 to July 31. The talks centered on enhancing trade relations and cooperation in global trade issues, specifically in removing trade barriers and increasing exports.
