▲ South Korean Finance Minister Choo Kyung-ho (L), who doubles as the deputy prime minister for economic affairs, poses for a photo with Saudi Economy and Planning Minister Faisal al-Ibrahim during their talks in Seoul on Nov. 16, 2022, in this photo released by the finance ministry. (PHOTO NOT FOR SALE) (Yonhap)

finance minister-Saudi counterpart

S. Korea, Saudi Arabia vow closer economic ties

SEOUL, Nov. 16 (Yonhap) -- South Korea plans to bolster its economic cooperation with Saudi Arabia, as the two countries share a common goal to diversify their growth engines, the finance ministry said Wednesday.

Finance Minister Choo Kyung-ho and Saudi Economy and Planning Minister Faisal al-Ibrahim reached the consensus during their bilateral talks held in Seoul earlier in the day, according to the Ministry of Economy and Finance.

During the meeting, the Saudi minister said his country wishes to bolster ties with South Korea in setting mid- and long-term economic strategies, as the oil-rich nation currently seeks to diversify its growth engines.

In response, Choo said South Korea wishes to share its development know-how and work together with the Middle East country to solve pending challenges.

The policy coordination will pave the way for the two countries to expand exchanges in the infrastructure, energy and service industries, Choo added.

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