Members of the Saudi-South Korean Business Forum in Seoul plan to cooperate more closely on science and technology.
The council met here for a three-day event that began on Wednesday.
During the main session of the forum, which focused on joint investments, Governor of the Saudi Arabian General Investment Authority (SAGIA) Abdul Latif Al-Othman spoke about the transformation of the Kingdom over the past four decades into one of the most important global economies, and the largest in the region, Saudi Press Agency reported.
Al-Othman said the Kingdom wanted to consolidate its relations with partners in South Korea through investment. Saudi Arabia plans to diversify sources of income in the country, to encourage domestic and foreign investment.
The SAGIA governor said the Saudi economy has SR2 trillion worth of construction projects underway, and is spending SR400 billion a year on new ones.
In his address, Minister of Commerce and Industry Tawfiq Al-Rabiah had outlined how the Kingdom had developed its economy.
Other speakers at the forum included Korean Deputy Minister of Trade, Industry and Energy Moon Jae-do, head of King Abdullah City for Atomic and Renewable Energy Hashim Yamani, and Korean Senate Member Hi Kook Kim.