ATQEN Group and South Korean Group WTIA sign deal to launch series of projects and investments in Saudi Arabia

Saudi ATQEN Holding Group and the South Korean Group WTIA signed an agreement to launch a series of projects and investments in Saudi Arabia during the Saudi-Korean Investment Forum, which was held on the sidelines of the Crown Prince’s visit to the Korean capital, Seoul.

The reason behind the agreement is to establish a joint venture company that will develop ways to establish a series of investment funds directed to finance business supporting the realization of the joint Saudi-Korean vision between the two friendly countries in several aspects, including localization of technology, development of specialized human resources, smart Saudization, financing Saudi-Korean projects and financing Korean contracts inside the Kingdom.

The relationship between the Kingdom of Saudi Arabia and the Republic of Korea has witnessed great development over the past six decades, resulting in a fruitful strategic partnership between the two countries.

Since the creation of the Saudi-Korea Vision 2030 Committee in 2017, both countries have been supporting business ventures in five key sector groups: energy and manufacturing, smart infrastructure and digitization, capacity building, health care, and life sciences, and SMEs and investments.

Bilateral trade between Saudi Arabia and the Republic of Korea increased 66 percent during the third quarter of 2021, compared to the same period 12 months prior, jumping to SR27.7 billion ($7 billion).

The volume of trade exchange between the Kingdom of Saudi Arabia and South Korea during the past five years amounted to more than SR470 billion. The volume of trade exchange between the two countries in 2021 reached about SR100 billion, of which SR87 billion are exports to Korea and SR13 billion are Korean imports to the Kingdom, an increase of 45%.

Saudi exports increased by 61%, and imports decreased by 12%. Organic chemicals, copper and its products, and plastics and its products constituted the most important exported commodities. At the same time, vehicles and their parts, boilers, machinery, mechanical goods, machinery, and electrical equipment were the most important commodities imported.

Saudi Arabia and South Korea have several agreements in the field of avoiding double taxation and preventing tax evasion, higher education, communications and information technology, statistics, e-government, cars, hydrogen economy, medical insurance, culture, supervision of financial institutions, industries, research, and military technologies and other agreements.