(MENAFN) Saudi Arabia reported that they are having discussions with South Korea to increase the trade and investment relationship between them as well as expand bilateral cooperation from the traditional economic field of trade and construction to the newly emerging sectors of medical and health care, ICT, defense, culture, research, education & vocational training, Saudi Gazette reported.
Saudi Arabia and South Korea currently have a strong relationship bilateral trade, with the total trade volume between the two countries reaching USD46.5 billion in 2013, thus making Saudi Arabia the fourth largest trading partner to Korea, while the trade volume for the January-June period of this year reached USD26.7 billion, where Saudi exports to Korea amounted to USD22 billion and its imports about USD4.7 billion.
Korea mostly imported oil and petrochemical products, which value reached about USD37.7 billion from Saudi, exported industrial and consumable goods of about USD8.8 billion to the Kingdom.
Meanwhile, the collective amount of Saudi investment in South Korea has reached more than USD700 million, while Korean companies have invested more than USD620 million in the Kingdom to date.
The countries also announced that they recently signed a memoranda of understanding (MoU) in the field of pharmaceuticals for the cooperation on the establishment of Saudi-Korea Pharmaceutical Complex in Sudair City in collaboration with Saudi Industrial Property Authority (MODON)
Saudi also said that a number of sub-sectors in the energy sector have been considered during the talks to enhance the bilateral trades, including thermal insulation, water saving and recycling, public transportation, hospital information system (HIS), wastes treatment, food security and safety, eco-tourism.
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