Over more than three decades, structural developments have been achieved, including economic and social aspects that are visible on both macro and sectoral levels. The Kingdom’s economy gained a lot of power elements which enabled it to face the global economy’s volatility, and increased its adaptability to sudden changes and developments. Over the past years, the Kingdom of Saudi Arabia has witnessed remarkable increase in the volume of direct foreign investments and became the leading country in the Middle East in this field. The Kingdom was ranked the 16th among 181 countries in 2008 for attracting FDI according to the IFC of the World Bank Group.
Given that Saudi citizen is the center of development and its ultimate goal, human resources development received particular importance in the renaissance march of the Kingdom, sectors of education and training have achieved high levels and unprecedented growth
Thanks to God and thanks to such economic and social progress, the Kingdom has assumed a prominent place among the countries of the world, and an active member in the international community. The Kingdom of Saudi Arabia is among top donor countries to provide a helping hand to all those who are in need. The total value of aid and concessional developmental assistances to the developing countries provided by the Kingdom through bilatreal and multilatreal channles reached more than $ 90 billion during the period from 1973 to 2007, benefiting 87 countries worldwide, namely in Africa and Asia. The Kingdom’s donations exceeded the percentage set by the U.N. for donor countries which is 7.0% of GDP.
The Kingdom’s efforts to support development plans in the developing countries are not only confined to provide assistances, but also worked for employing its contributions in many regional and international development institutions in order to support international initiatives and efforts to solve development problems that face these countries.
In the context of efforts to strengthen bilateral relations, the two countries witnessed a remarkable progress as a result of the Summit between the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al-Saud, King of the Kingdom of Saudi Arabia, and the late former president His Excellency Roh Moo-hyun, in Riyadh during 24-26 March, 2007, and the talks that was held between the late Korean President and His Royal Highness Crown Prince Sultan bin Abdul Aziz Al-Saud. Such developments were indicators that bilateral relations have entered a new phase of promotion and development. Seven Memorandum of Understandings were signed during President Roh’s visit to the Kingdom.
The Republic of Korea is one of important countries for the Kingdom in terms of its economic international relations order. As being a developing country with a useful and impressive development experience, as well as its international influence as a G-20 member, and as one of important international trade partner with the Kingdom, Korea has acquired a unquie experience in facing international economic crises.
Extending bilateral investments may lead to the strengthened political and economical ties, and thus achieve economic growth for both sides. Trade relations between Saudi Arabia and the Republic of Korea have witnessed a steady development during the last five years which is reflected by increasing of trade volume reached 300% during that period. The number of joint ventures reached around 98 projects, including industrial ones.
Lastly, I pray for Almighty God to grant success to the leader of the renaissance march, the Custodian of the Two Holy Mosques Abdullah Bin Abdul Aziz Al-Saud, King of the Kingdom of Saudi Arabia, and His Royal Highness Crown Prince Sultan bin Abdul Aziz Al-Saud, may God protect them, for their tireless efforts to promote the Kingdom to the highest position and to make the Kingdom’s people more happier. I may also pray for God every success in carrying out my missions and enhancing the distingushed between the Kingdom of Saudi Arabia and the friendly Republic of Korea
