KOREAN COHORT

Saudi executives seek partners in South Korea with trip to Seoul

Kingdom reports signing of 10 agreements after business conference, ranging from construction and energy to healthcare and food exports

A South Korean skateboarder in Seoul (Getty Images)

Saudi Arabia’s campaign to expand its economy beyond dependence on oil is widening its global focus and turning up new corporate trading partners in South Korea, Asia’s fourth largest economy.

After a business conference in Seoul this week, the kingdom reported signing 10 agreements ranging from construction and energy to healthcare and food exports.

Saudi Minister of Commerce Majid Al-Qasabi led a delegation of 80 business executives and government officials at the Saudi-Korean Business Forum, where South Korean companies pitched cooperation in car manufacturing, data centers and urban infrastructure, Arab News reports.

Al-Qasabi also met with South Korean Prime Minister Han Duck-soo after arriving in Seoul on Monday.

Commercial activity between the two countries, which reached $35 billion between 2019 and 2023, is likely to jump substantially with the signing of a free trade agreement last December between South Korea and the GCC, Cheong In-kyo, the head of trade negotiations at the Ministry of Trade, Industry and Energy, told the conference.

Abu Dhabi-based AI developer Bayanat, meanwhile, signed an agreement this month to form a joint venture with South Korea’s Autonomous a2z that will use driverless taxis to transport passengers arriving at Zayed International Airport to the Emirati capital’s hotels and attractions.