South Korea supports Korean-Saudi Economic Cooperation ‎Committee between public, private sectors

On Thursday, the Korean Ministry of Trade, Industry and Energy held a business-level support team meeting at the Seoul Chamber of Commerce and Industry, in order to support the Korean-Saudi Economic Cooperation Committee between the public and private sectors.

The Korean government plans to form a committee to review the plans and difficulties faced by companies with regard to 26 memorandums of understanding signed last month during Crown Prince Mohammed bin Salman’s visit to South Korea.

According to the Korean Yonhap Agency, the companies that signed the memorandums of understanding presented their plans to establish a joint venture and ways to obtain the necessary financing, and called for government support to implement their projects.

The ministry also held the first session of the export support council meeting at the level of ministries, in the presence of senior officials from 17 ministries concerned with export.

The ministry said it would establish a statistical system to collect exports that took place without customs procedures. The Ministry of Agriculture, Food and Rural Affairs will seek to support refrigerated transport chains for fresh food using ship and aircraft infrastructure in cooperation with the Ministry of Lands, Infrastructure and Transport and the Ministry of Oceans and Fisheries.

The Korean government plans to finalize a ministerial-level export promotion plan for 2023, which reflects project priorities and related budgets and will be announced early next year.