South Korea’s Consul General Nak-Young OH, (third from left); Assistant Secretary General of the Jeddah Chamber of Commerce and Industry Mohieddin Bin Yahya Hakami, assisted by some officials of the Korea Business Show cut the ceremonial ribbon.

 

Samar Yahya

Saudi Gazette

 

JEDDAH – The 4th Jeddah Korea Business Show took place at the Jeddah Chamber of Commerce and Industry (JCCI) Tuesday aimed to promote Saudi-Korean mutual business.



This year’s show edition included cosmetics and food companies which came to explore more effective and suitable means of cooperation especially by the private sector in both countries to meet the request of Saudi business circle for attracting Korean companies back to the Kingdom and reactivating the Saudi-Korean business relations. The show also included machinery, construction & engineering, industrial materials, electronics. The business show also hosted one-on-one business.



Korea Consul General Nak-Young OH noted that although the 2014 Jeddah Korea Business Show is still small in scale with a catalogues’ show of 50 companies for the promotion of trade and investment, “I’m confident that this event will contribute new partnerships between Saudi and Korean businessmen for mutual benefits.”



Korea Consul General Nak-Young OH, Assistant Secretary General of the Jeddah Chamber of Commerce and Industry Mohieddin Bin Yahya Hakami, secretary general Korea-Arab Society Yong Chil Chung and executive managing director Ho Keun Jang inaugurated the Jeddah Korea Business Show.



The total trade volume between the two countries reached $46.5 billion in 2013, making Saudi Arabia the fourth largest trading partner to Korea and vice versa. Korea imported mostly oil and petrochemical products equivalent to about $37.7 billion from the Kingdom and in return exported industrial and consumable goods of about $8.8 billion. The trade volume for the first half of 2014 shows a steady increase, amounting to the estimated $26.7 billion, where Saudi exports to Korea mounted at $22 billion and its imports about $4.7 billion. In addition, the aggregate amount of Saudi investment in South Korea has reached more than $700 million, and Korean companies have invested more than $620 million in the Kingdom to date. The ever-increasing volume of trade and investment reflects the dynamic business activities of mutual interests between the two countries.