Korea-Saudi meeting draws farm, plant equipment manufacturers and buyers

Korea-Saudi business consultation meeting held in Riyadh, Saudi Arabia, on Sep. 11. [Courtesy of KOTRA]

President Yoon Suk Yeol received Saudi Arabian Defense Minister Khalid bin Salman at the presidential office in Yongsan, Seoul, on September 7 as part of recent efforts between Saudi Arabia and Korea to boost bilateral ties. On Monday, a Korea-Saudi business consultation meeting was held in Riyadh, Saudi Arabia in conjunction with the third dispatch of the shuttle group for Korea-Middle East economic cooperation jointly organized by the Ministry of Trade, Industry and Energy and the Ministry of Agriculture, Food and Rural Affairs, according to Korea Trade-Investment Promotion Agency (KOTRA). About 30 Korean companies in the smart farm, food, and plant equipment sectors and 50 Saudi Arabian buyers and investors joined the event that involved more than 200 one-on-one business consultations. Saudi Arabia has been focusing on 13 strategic areas since 2016, including agriculture, where it has invested about $5.3 billion. Demand for plant equipment is also steadily rising due to large-scale urban infrastructure projects such as NEOM.