Ministry of Trade, Industry and Energy

Korea and Saudi Arabia, which is a key nation in the Middle East and North Africa (MENA) region, are expected to strengthen their economic partnership for a new era of growth. Minister of Trade, Industry and Energy Kim Jung-kwan attended the 95th Saudi National Day celebration hosted by the Embassy of Saudi Arabia in Seoul (Chargé d’Affaires Fahad Barakah) on Monday, September 22, to commemorate the long-standing friendship between the two countries and outline directions for future cooperation.

In his congratulatory remarks, Minister Kim recalled that “since the establishment of diplomatic relations in 1962, Korea and Saudi Arabia have strengthened their cooperation as growth partners across diverse fields such as energy, construction, and manufacturing.” He emphasized that “as Saudi Arabia prepares for the post-oil era and Korea seeks another leap forward through an innovation-driven economy amid rapidly changing trade dynamics, it is time to elevate the value of our partnership and broaden its horizons toward a new era of growth.” He then outlined three key directions for bilateral cooperation:

First, to establish the Korea–Saudi Vision 2030 Committee as a whole-of-government ministerial cooperation channel, laying the groundwork for the early launch of the Korea–Saudi Strategic Partnership Committee at the leaders’ level.

Second, to expand cooperation into new areas, including advanced semiconductors, robotics, artificial intelligence (AI), and other high-tech sectors, as well as services such as culture and entertainment, including K-pop and K-dramas.

Third, to extend successful Korea–Saudi economic cooperation models to the Gulf Cooperation Council (GCC), the Levant, and ultimately the wider MENA region. In particular, he noted that Korea will work toward the swift signing and entry into force of the Korea–GCC Free Trade Agreement, concluded at the end of 2023, to further advance economic cooperation with the region.

Minister Kim also introduced the Arabic concept of “Rafiq,” meaning a trusted companion who journeys together, and underscored his commitment to strengthening the Korea–Saudi partnership under this spirit.