"From Contracting to Joint Investment"...Korea-Saudi Arabia Forge Advanced Industry Partnership for the Future

KEA and PIF Hold Korea-Saudi Business Forum
Over 280 Business Leaders Gather from Both Countries
Accelerating Collaboration in Sovereign AI, Digital Twin, and Aerospace

The business communities of Korea and Saudi Arabia have agreed to expand cooperation beyond their traditional construction and energy contracting relationship, transitioning to a 'two-way partnership' that encompasses technology collaboration, joint investment, and local production.

The Korea Economic Association (hereinafter referred to as KEA), together with Saudi Arabia's Public Investment Fund (PIF), held the '2026 Korea-Saudi Arabia Business Investment Forum' at the FKI Tower Conference Center in Yeouido, Seoul, on October 6. Supported by the Ministry of Trade, Industry and Energy, the event brought together over 280 business leaders, including KEA Vice Chairman Changbum Kim, Saudi Embassy in Korea Charge d'Affaires Fahad Barakah, and representatives from major domestic companies such as Kolon, POSCO E&C, Naver, Hyundai Rotem, and KAI (Korea Aerospace Industries), as well as the Saudi PIF delegation and officials from more than 20 Saudi local companies.

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In his opening remarks, Changbum Kim, Vice Chairman of KEA, stated, "Economic cooperation between our two countries should move beyond the conventional order and contract model, developing into a two-way partnership connected by joint investment, local production, and technology collaboration." He added, "I hope this forum opens a new chapter in sustainable high-tech industrial cooperation, going beyond Saudi Arabia's national development strategy 'Vision 2030'." Jeongseong Park, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, also delivered a congratulatory video message that outlined the government's multifaceted support plans, including strengthening resource supply chains, advancing high-tech industry collaboration through artificial intelligence (AI) transformation, and the prompt effectuation of the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement.

The main session featured business pitching sessions and one-on-one business meetings in four areas: ▲ Special Zone Development & Construction ▲ Technology (IT·AI), Media, Communications & Healthcare ▲ Utilities, Resources, Transportation & Logistics ▲ Advanced Industries.

Naver Cloud introduced its collaboration plans to support Saudi digital sovereignty, presenting its projects to develop a super app based on 'Sovereign AI' and 'Digital Twin' platforms, as well as its data center business under implementation in Saudi Arabia. POSCO E&C showcased its capabilities in urban and complex development, Hyundai Rotem presented its proposals for railway and transport infrastructure cooperation, and KAI expressed its intention to establish a joint development and production system in Saudi Arabia utilizing its fixed-wing and rotary-wing aircraft, as well as unmanned aerial vehicles and satellite product portfolios.

A KEA spokesperson stated, "This forum was a meaningful opportunity for companies from both countries to directly assess tangible business capabilities and investment needs, thereby pinpointing areas for cooperation." The spokesperson further noted, "We will continue to provide multifaceted support by leveraging our global network, so that the challenges identified in the business meetings can lead to concrete projects and joint investments."

This content was produced with the assistance of AI translation services.