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Growing Bilateral Cooperation Between Saudi Arabia and South Korea

Riyadh: Following a recent meeting to explore opportunities in promising sectors, there’s a strong potential for increased cooperation in innovation and business between Saudi Arabia and South Korea.

Saudi Arabia’s investment minister, Khalid al-Falih, met with South Korea’s SME startup minister, Han Sung Sook, in Seoul. The focus was on creating a supportive entrepreneurial environment and aligning efforts to foster the growth of small and medium-sized enterprises (SMEs).

Al-Falih also took part in a roundtable with innovative companies as part of the Saudi Arabia Small Business and Entrepreneurship Program. During this session, firms shared their innovations and discussed the possibility of entering the Saudi market in key emerging sectors.

“We had productive discussions on entrepreneurship and ecosystems designed to empower SMEs in high-potential areas,” Al-Falih shared in a post on X.

This emphasis on SMEs and startups marks a significant aspect of a broader and rapidly evolving partnership between the two nations. The Ministerial Conference aligned with the fifth gathering of the Saudi Korean Vision 2030 Committee, which Al-Falih leads.

The committee examined advancements in a joint initiative, overseen by a high-level Strategic Partnership Council chaired by the Crown Prince.

He added on X, “This Strategic Partnership Council is looking at fresh perspectives on artificial intelligence, smart cities, culture, and innovation while pushing forward with diversification.” He encouraged Korean firms to invest in opportunities related to Vision 2030, including the Expo 2030 and the 2034 World Cup.

The partnership has seen a notable increase in investment licenses—growing from 65 in 2016 to 213 today—building on a solid base of strategic cooperation across various sectors.

Recent agreements have reinforced this collaboration. Earlier this year, the Saudi Arabian Space Agency and the Korean Aeronautics and Space Administration signed a memorandum of understanding (MOU) to work together on deep-sea technology, manned flight programs, and satellite launches.

In addition, in August, the Saudi Arabian Audit Court and the South Korean Audit Committee formalized a partnership aimed at improving cooperation in accounting and auditing practices.

These initiatives highlight a commitment to comprehensive strategic integrity in the realms of business and entrepreneurship.

Al-Falih noted that the partnership with South Korea is “Progressing Rapidly,” with substantial collaborations involving large companies like Samsung and Hyundai in the automotive sector.

Bilateral cooperation also encompasses the defense sector. In February, both nations signed a government quality assurance agreement designed to enhance defense cooperation, strengthen military capabilities, and focus on long-term industrial growth.

This agreement, made at the International Defence Exhibition and Conference in Abu Dhabi, emphasizes the deepening ties between the countries in defense and technology.

Saudi Crown Prince Mohammed Bin Salman’s 2019 visit to South Korea initiated the signing of an MOU aimed at bolstering defense and industrial collaborations centered around military acquisitions, research, and technology.