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Providing the Latest Business Information Including the Introduction of the New Investment Law
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The Korea International Trade Association (KITA) held a 'Saudi Arabia Market Entry Strategy Seminar' on the 14th at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul, jointly with the Korea-Arab Society (KAS) Foundation.

At the "Saudi Arabia Market Entry Strategy Seminar" held on the 14th at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul, Kim Ki-hyun, Head of International Cooperation at the Korea International Trade Association, is delivering the opening remarks. Photo by KITA

The seminar was organized to highlight Saudi Arabia's foreign investment expansion policies, including the introduction of the new 'Investment Law,' and to explore successful market entry strategies for domestic companies. Since February, Saudi Arabia has been implementing the new Investment Law, which includes provisions such as national treatment for foreign investors and various protective measures. About 200 participants attended the seminar, including Kim Ki-hyun, Head of International Cooperation at KITA, Sami Al-Sadhan, Saudi Ambassador to Korea, Kim Chang-mo, Secretary General of the Korea-Arab Society, and companies interested in entering the Saudi market.

At the presentation session, Lee Kwon-hyung, Senior Research Fellow at the Korea Institute for International Economic Policy (KIEP), forecasted that trade and investment between Korea and the Gulf Cooperation Council (GCC), following the enforcement of the Free Trade Agreement (FTA) concluded in 2023, will expand. He suggested building AI infrastructure, marine industry and logistics bases, and investment platforms.

Yoo Won-seok, Partner at PwC Consulting Middle East Business Center, noted that Saudi Arabia, which has the largest construction market among GCC countries, is seeing increased investment in manufacturing and service industries recently, and emphasized the need to consider various investment structures such as joint ventures (JV). Additionally, Lee Jo-seop, Senior Foreign Attorney at Hwawoo Law Firm, advised on changes in the investment environment, including new protective measures for foreign investors under Saudi Arabia's new Investment Law implemented in February.

Kim Ki-hyun, Head of International Cooperation at KITA, said, "We expect a synergy effect created by the combination of Saudi Arabia's abundant resources and vision for innovation with Korea's technological capabilities and industrialization experience." He added, "KITA plans to promptly provide relevant market information and further strengthen support projects such as export marketing to assist Korean companies in successfully entering the Saudi market."