The Republic of Korea is one of the most important trading partners of the Kingdom of Saudi Arabia, as it is among the top ten ranks of import and export from and to the Kingdom, in addition to the presence of 120 joint Saudi-Korean projects with a value of nearly one billion US dollars, of which 20% are industrial projects in addition to other commercial and investment projects in The kingdom.

The Federation of Saudi Chambers of Commerce stressed that the visit of the President of the Republic of Korea to the Kingdom will enhance the volume of bilateral cooperation, and open new economic and investment horizons between the two countries, especially that Korea is implementing many giant projects in the Kingdom, including the Riyadh Metro and the Shuaibia water desalination and power generation plant project. To the shipyard construction project in Ras Al-Khair.

The distinguished relations culminated in the visit of His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, to Korea in 2019, which witnessed many political and economic activities and the signing of 15 agreements, worth 31.1 billion riyals.

The agreements include cooperation in various fields, the most important of which are communication and information technologies, e-government, cars, hydrogen economy, medical insurance, culture, supervision of financial institutions, industries, research and military technologies, in addition to the National Intellectual Property Strategy Program, and cooperation between the National Center for Studies Strategy with the Korea Development Institute.

The center's report indicated that the volume of trade exchange between the two countries in the third quarter of 2021 amounted to 27.7 billion riyals, growing by 66% compared to the same quarter of the previous year (during the height of the pandemic). As for previous years, the average relative change in the volume of trade exchange increased Between the two countries for the period (2010-2020), it rose slightly by 1.2%, due to the slight growth due to the global economic crises that occurred during these years, in addition to the current crisis resulting from the (Covid-19) pandemic during the year 2020.

The study of the Center for Economic Studies in the Federation of Saudi Chambers of Commerce showed that Korea ranked fourth in the third quarter of 2021, to the countries to which the Kingdom exports, and the tenth place in terms of imports, while the total non-oil exports to Korea amounted to 1.2 billion riyals, as non-oil exports topped. Products of the chemical and related industries” ranking with an estimated amount of 781 million riyals, followed by “basic metals and articles thereof” with an amount of 221 million riyals.