▲ Finance Minister Choo Kyung-mo shakes hands with his Saudi counterpart, Mohammed Al-jadaan, in Seoul on March 8, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

finance minister-Saudi Arabia

S. Korea seeking closer ties with Saudi Arabia in mega projects: finance minister

By Kang Yoon-seung

SEOUL, March 8 (Yonhap) -- South Korea wishes to forge deeper ties with Saudi Arabia and have its companies participate in mega projects planned by the Middle East nation, the finance minister said Wednesday.

Finance Minister Choo Kyung-mo made the remark during his talks with his Saudi counterpart, Mohammed Al-jadaan, in Seoul, which marks their first meeting since the Group of 20 meeting in Washington in October.

During Wednesday's meeting, Choo and Al-jadaan shared opinions on the growing challenges in the global economy, including the looming fragmentation and other geopolitical risks, according to the Ministry of Economy and Finance.

Choo especially pointed out that the two countries can find potential opportunities for partnership in the Middle East nation's Vision 2030 blueprint, which centers on easing the kingdom's reliance on oil and fostering other growth engines.

South Korea is making efforts to beef up its competitiveness in areas that include hydrogen and smart farming industries as well, the minister added.

Choo also asked Riyadh to pay closer attention to South Korean companies' efforts to participate in the Neom project, which aims to build a sustainable city powered by renewable energy with a budget of $500 billion.

In response, Al-jadaan noted that South Korean businesses have been boasting outstanding technologies and production capabilities, and said he hopes they can participate in various projects planned by Saudi Arabia.

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