Trade exchange between Saudi Arabia and South Korea rose by 21% year-on-year to $30 billion in 2018, Saudi Press Agency (SPA) reported on Wednesday.
In addition, the kingdom’s non-oil exports to South Korea accounted for 56% of the total exports.
Bilateral trade between the two countries hiked by more than 78% during the last three years, the state-run news agency added.
There are about 120 Saudi-South Korean joint ventures with a combined value of about $1 billion; 20% of which are industrial projects.
The kingdom’s National Industrial Development and Logistics Program (NIDLP) aims to raise industrial contribution to the country’s gross domestic product (GDP) to 20% by the end of 2020.
As part of the kingdom’s vision to endorse the mutual relation with South Korea, Saudi Aramco and its affiliates inked twelve agreements with leading companies in the East Asian country.