SAGIA helps S. Korean and Saudi firms sign deal

The manufacturing and industry are central to the future of Saudi Arabia’s economy — and SAGIA’s ambitious program of economic reforms aims to ensure that they can create jobs, diversify the economy, drive exports and provide long-term sustainable growth. However, there is need to work with SAGIA partners to achieve this and attracting international investors will be vital.

TRB, a South Korean manufacturer of conveyor belts, on Friday signed a joint venture with Advanced Industrial Belts Company, a Saudi firm.

Alongside the signing of the joint venture, the two companies also held a workshop with potential customers — including leading global industrial entities such as SABIC, Saudi Aramco and Ma’aden and other local leading cement companies — to showcase the manufacturing capacity they will be developing and address the demand within the local market.

This announcement show the importance of manufacturing within Saudi Arabia and it also demonstrates the impact of building closer ties with SAGIA’s international partners.

TRB’s investment doesn’t come in isolation, it follows years of cooperation between Saudi Arabia and South Korea, including the recent Saudi-South Korean Partnership Convention. Arranged by SAGIA, the forum saw 16 memoranda of understanding between Saudi and South Korean entities.

Expanding into a new market is a challenging decision for any business — and not one they will take without a strong understanding of the country, its regulations and its culture. By continuing to work with their partners in key markets, SAGIA can help them understand the opportunity in Saudi Arabia and how they can access it.