2000 News Story

Commerce minister meets with officials in Seoul

Minister of Commerce Osama Faqih met yesterday in Seoul with South Korean officials to discuss means of developing trade, diversifying Saudi exports to South Korea, and encouraging Korean investment in the Kingdom. Minister Faqih was also seeking to accelerate the signing of agreements for the protection and promotion of investment, and for prevention of dual taxation. Trade between the two countries amounted to SR 17.8 billion [U.S. $ 4.75 billion] in 1998, and the value of the 32 joint ventures is currently around SR 663 million [U.S. $ 176.8 million]. Minister Faqih also expressed Saudi Arabia's appreciation for South Korea's support of the Kingdom's application to join the World Trade Organization (WTO).