RIYADH — A total of 52 memorandums of understanding (MoUs) were signed between government agencies and businessmen and investors from Saudi Arabia and South Korea in Riyadh on Sunday. The deals were concluded on the sidelines of the Saudi-Korean Investment Forum, which kicked off on the occasion of the visit of the South Korean President Yoon Suk Yeol to Saudi Arabia. He arrived in Riyadh on Saturday on a four-day state visit. The two countries signed the MoUs for strengthening cooperation and making investments in the fields of automobiles, real estate development, water desalination, renewable energy, and tourism. The MoUs also included supply chains, nutrition, transportation, technology, infrastructure, and cybersecurity. A large number of decision makers and business leaders from Saudi Arabia and South Korea met to explore promising investment opportunities, and open future horizons for economic cooperation between the two countries. The Saudi-Korean Investment Forum kicked off in the presence of the Saudi Minister of Investment Eng. Khalid Al-Falih and a number of ministers and officials from the two countries. The forum is discussing aspects of investment and economic cooperation. Addressing the forum, Assistant Minister of Investment Eng. Ibrahim Al-Mubarak noted that Seoul is a vital investment center and is strengthening its position among the most important leading investment countries. Korean products have a strong presence in the Saudi market, he pointed out. Al-Mubarak said that there has been an increase in foreign direct investment in Saudi Arabia. "Last year, Saudi Arabia was the fastest growing country in the G20 economy, and investment opportunities will witness an increase by the end of the current decade," he said. On his part, President of the Federation of Korean Industries Jin Roy Ryu stated that the forum renews economic and investment cooperation between the two countries spanning over 60 years. "Riyadh and Seoul have enjoyed a close and broad relationship since the construction boom in the Middle East region. Seoul was able to develop construction and infrastructure in Saudi Arabia as a major national industry, thanks to the giant projects in the Kingdom that represented the driving force behind South Korea's rise to the strongest economy today," he said. Jin Roy Ryu said Saudi Arabia has benefited from the basic infrastructure that has made the country today still the largest exporter of construction abroad, and the largest partner of Seoul in the Middle East. He stated that the Kingdom and Korea have many joint programs, stressing that if efforts are united, the two countries will be able to develop a new model that will be an example for the rest of the countries of the world. "Seoul is looking forward to expanding its infrastructure work in Riyadh to include currently existing mega projects, and that the two countries have the same vision, and it is possible to lead the hydrogen sector globally, and to advance Vision 2030 efforts to transform the Kingdom's economy into a friendly environment through the use of hydrogen," Jin Roy Ryu said while stressing Korea's ambition to deepen cooperation with the Kingdom in future high-tech industries.
