South Korean investments in the kingdom are projected to total SAR3.37 billion by the end of the current year, the Far Eastern Asian nation’s top diplomat in Saudi Arabia reveals.
In the first quarter of the current year, South Korean investments in the kingdom amounted to SAR866 million, Kim Jin-soo, the South Korean ambassador to Saudi Arabia, says.
Speaking to Al Eqtisadiah, the ambassador notes that there are 200 South Korean companies operating in the kingdom, mostly in the construction domain, which is considered the main area of cooperation between the two countries.
Forty South Korean companies invest in the manufacturing industry, accounting for 18 per cent of the total value of South Korean investments in the kingdom, he says, adding that 120 more Korean companies have plans to launch ventures.
The ambassador spoke about a number of mega projects in the kingdom that South Korean firms are taking part in, such as construction of power stations, petrochemical plants, water desalination plants and electric train projects, among others.
Trade exchange between Korea and Saudi Arabia amounted to $45 billion in 2014, of which $8.2bn is due to Korean exports to Saudi Arabia, while imports from the kingdom, the world’s largest oil exporter, reached $36.7bn, according to the ambassador.
He notes that bilateral trade volume declined during the first half of this year, mainly because of the plunge in oil prices in international markets.