Two Saudi and South Korean companies are currently working to establish a joint automobile manufacturing and development company in the kingdom.
The Saudi National Automobile Manufacturing Company (SNAM) and Daewoo International will establish the first Saudi Arabia-based car manufacturing firm, says Kim Jong-yong, South Korean ambassador to Saudi Arabia.
The ambassador says the venture will be a quantum leap for the Saudi market and will provide jobs to Saudi nationals.
Speaking on Saudi-South Korean cooperation, Kim notes that 17 per cent of the new vehicles that entered the Saudi market in the first half of the current year were made in South Korea.
He also point out that Saudi investments in his country totalled $192 million in 2014 and expects this figure to increase in the coming period.
Trade exchange between Saudi Arabia and South Korea amounted to $45 billion in 2014, according to the ambassador’s remarks published by Al Eqtisadiah.
Trade exchange is heavily in favour of Saudi Arabia, whose exports to the Far Eastern Asian nation reached $36.7bn, while imports stood at $8.2bn.
The bilateral trade value dropped in the current year because of the decline in oil prices.
($1 = AED3.67, at the time of publishing)