In the AD 676-935 period of Korean history
By Publisher Lee Kyung-sik of The Korea Post media with Reporters Kim Young-myung, Kim Ka-hee
Saudi Arabia is a very, very important country to Korea with a history of bilateral diplomatic dating back to 58 years this year and bilateral economic growing by leaps and bounds, from which Korean business companies benefit greatly as well as contributing to the economic and other areas of cooperation between the two countries. Saudi Arabia celebrates her Unification of the Kingdom Day on Sept. 23, 2020.
Korean business companies play a very important role bringing the two countries through economic and business cooperation.
Most recently, a Korean pharmaceutical company entered Saudi Arabia with a newly developed eye drop medicine, namely Huons Co., Ltd., led by CEO Um Key-an, which is expected to greatly contribute to further development of cooperation and relations between the two countries through expansion of the range of cooperation to the pharmaceutical and medical spheres. (See further details at the end of this report.)
Saudi Arabia is a very, very important country to Korea with a history of bilateral diplomatic dating back to 58 years this year.
Saudi Arabia is the cradle of the Islam religion and the spiritual base of the 1.7 billion Islam believers in the world. Saudi Arabia is the world’s largest oil exporting country and the only Middle East member country of G20 of the world. Thus, Saudi Arabia plays a pivotal role in the international arena in the political, economic and various other areas.
Relations between Korea and Saudi Arabia are known to date back to the late period of the United Silla Dynasty (AD 676-935) when most of the 40,000 visitors and resident in the Kaesong area (now in North Korean just north of the Demilitarized Zone on the West Coast of Korea) came from the Arab world, especially from Saudi Arabia. There are historical records that King Sejong (1397-1450) of the Joseon Dynasty read Quran.
During the Korean War (1950-3), Saudi Arabia provided the Republic of Korea material assistance for the defense of freedom and democracy in the ROK.
Since the establishment of diplomatic relations between the two countries in 1962, relations and cooperation between the two countries have continued to grow by leaps and bounds.
In particular, Saudi Arabia played a pivotal role in the rapid economic development of the Republic of Korea which started in the 1970-80 period during the ‘Middle East Boom’ in Korea, which Koreans call “The First Middle East Construction Boom” where Saudi Arabia and Korea played the pivotal role.
Cooperation and friendship between Korea and Saudi Arabia continued to grow by leaps and bounds when in April 2016 Saudi Arabia declared Vision 2030 and chose the Republic of Korea as one of its major cooperation partners.
Saudi Arabia is the cradle of the Islam religion and the spiritual base of the 1.7 billion Islam believers in the world. Saudi Arabia is the world’s largest oil exporting country and the only Middle East member country of G20 of the world. Thus, Saudi Arabia plays a pivotal role in the international arena in the political, economic and various other areas.
In October 2017, the two countries opened a bilateral joint committee and agreed to a total of 40 cooperation projects in five major areas for the implementation of bilateral agreement provided for by Vision 2030.
According to a report by Asia News Network on June 27, 2019,
President Moon Jae-in and Crown Prince Mohammed bin Salman of Saudi Arabia met in Seoul to discuss ways to strengthen cooperation in a wide range of areas.
The crown prince arrived in Seoul earlier in the day and was met by Prime Minister Lee Nak-yon before moving on to the Presidential Mansion of Cheong Wa Dae in Seoul for a welcoming ceremony followed by a meeting with Moon and his top aides.
At the meeting, Moon stressed the importance of Korea-Saudi relations, highlighting economic projects between the two countries and Seoul’s involvement in Saudi’s Vision 2030 program.
The Vision 2030 program is aimed at reducing the country’s economic dependence on oil and developing its public service sectors.
“Korea is a strategic partner in Vision 2030, and the two countries are expanding the horizon of cooperation beyond construction and energy to ICT, smart infrastructure and other new industries,” Moon said, going on to list defense, health and welfare and other areas in which the two sides are seeking closer cooperation.
Saying that Vision 2030 and his administration’s drive to build an inclusive society share many elements, Moon added that the program will be an opportunity to raise bilateral relations to a new level.
In response, the Saudi crown prince described ties with Seoul as a “relationship of brotherhood.”
Describing South Korea as a strategic partner in a wide range of areas, including politics, security and defense, the prince went on to say that there remain many areas in which the two sides can increase cooperation.
Following the meeting, the two countries signed memorandums of understanding on increasing cooperation between the governments and private entities.
Under the agreements between governments, South Korea and Saudi Arabia will seek closer cooperation in the automotive industry and in areas related to the hydrogen economy.
Under the memorandums, the two sides will seek cooperation in eco-friendly vehicle technologies, automotive parts development and promoting investment in Saudi Arabia.
Regarding the hydrogen economy, the two countries agreed to cooperate in developing technologies for production, storage and transportation of hydrogen, and in projects concerning hydrogen-powered vehicles.
At the signing ceremony, South Korean and Saudi corporations, including Hyundai Motor Group, Hyundai Heavy Industries, S-Oil and Saudi Aramco signed memorandums and contracts on projects with a combined value of $8.3 billion.
The signing ceremony was followed by a lunch meeting with government officials and chiefs of South Korea’s four largest conglomerates — Hyundai Motor Group, LG Group, Samsung Group and SK Group.
Further details on Huon products in Saudi Arabia:
Most recently, a Korean pharmaceutical company entered Saudi Arabia with a newly developed eye drop medicine, namely Huons Co., Ltd. (CEO Um Key-an). Huons' main products, are entering Saudi Arabia and the company is expanding its business in Saudi Arabia. Huons is known to have acquired product license from the Saudi Food and Drug Association (SFDA) for the first time for a Korean eye drop company. This was disclosed by Huons on Aug. 25, 2020.
'ClasGen Eyedrops' is a monotherapy for dry-eye patients with cyclosporine that increases tear production in patients who suffer from suppressed tear production. It is an improved new drug from Restasis, a representative dry eye treatment.
A Huons official said, “Currently, the dry eye treatment market in Saudi Arabia is formed by a single item of Restasys, which is worth about 3 billion won. It is very meaningful that Clasgen eyedrop, an improved new drug that has improved Restasis's discomfort, is licensed to enter the local market, which is a very meaningful development.”
The Huons official then added: “Based on the Saudi local license acquisition of Norepinephrine injection for the first time in Korea in 2018 and our experience in entering the market, we tried to win the approval from the competent Saudi Arvian authorities for approval and export of Clasgen eyedrop.” It is significant in that it is the first domestic drug to enter the market in Saudi Arabia.”
The local distribution of “Clasgen Eyedrop” is handled by Amman Pharmaceutical Industries, a leading eye drop company in the Middle East and Africa. Huons plans to aggressively target the local pharmaceutical market by promoting various items such as Amman Pharma, nanocomposite eye drops, and other products, in addition to Clasgen eyedrop'.
