(MENAFN- Saudi Press Agency) The first Korea Saudi Business Forum which will last for three days was inaugurated here today.
In a key speech at the opening of the forum and the exhibition held on its sidelines, Korea's Chamber of Industry President Young Man Park welcomed the participation of a number of ministers totaling seven from the two sides at the event, organized by the Ministry of Commerce and Industry, Saudi Export Development Commission and the Saudi Chambers Council.
For his part, Dr. Abdulrahman Al-Zamil, the President of the Saudi Chambers Council lauded the role played by Korean companies in building giant projects of infrastructure in Saudi Arabia since the early seventies, calling on the Korean side to continue their march with more strength in the Saudi market, the Middle East's largest.
Taking the podium, Dr. Mohammed bin Sulaiman Al-Jasser, the Minister of Economy and Planning of the Kingdom of Saudi Arabia, called on the two sides to seize new opportunities to usher into the fields of technology, information technology and health fields, lauding the legal base on which the relations between the two countries were built, citing a number of bilateral agreements and memoranda of understanding.
The minister noted that not enough interest was given to training and promotion of skillfulness. 'It is time to keep pressing the button on traditional development, but to move forward toward upgrading the skills of human resources and block the lack of negligence which marred the marvelous projects the into which the two parties have poured much resources.
He said building a knowledge-based economy and society is among the Kingdom's major targets, noting the cooperation currently ongoing between the Korea Development Institute with Saudi relevant authorities to transfer Saudi Arabia towards that end.
Al-Jasser gave an account on Saudi Arabia's economic status in the world, citing that Saudi Arabia is the world's 19th top economy and the world's top oil producer and supplier. He said the financial status of the Kingdom in terms of national debt to gross domestic product amounts to 2.7% only.
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