President's Office on Edge Ahead of Bin Salman’s Visit to Korea

-President Yoon likely to hold a meeting on the 17th... Government expected to express willingness to participate in Neom City development
-Regarding leverage factors such as Expo hosting, "Both governments to focus on discussing cooperation plans"

On the 16th, one day before President Yoon Suk-yeol's 100th day in office, the Presidential Office building in Yongsan-gu, Seoul is shown. President Yoon, emphasizing the elimination of authoritarianism, moved the seat of government from the former Blue House to Yongsan. With the president's office relocated to Yongsan, the Blue House has been fully opened to the public. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Bae Kyunghwan] It has been reported that President Yoon Suk-yeol will meet with Crown Prince Mohammed bin Salman of Saudi Arabia, who is visiting South Korea, at the Presidential Office in Yongsan, Seoul on the 17th. Domestic major group chairpersons are also expected to attend this meeting, leading to expectations that President Yoon's business diplomacy will continue even after his ASEAN and G20 tours.

According to the Presidential Office and business circles on the 15th, President Yoon will meet Crown Prince bin Salman the day after returning from his overseas tour. Crown Prince bin Salman is visiting South Korea to seek cooperation for the development of NEOM City, his country's mega construction project. Notably, he is scheduled to depart for Japan immediately on the day of his visit, which is why it is anticipated that major group chairpersons will join the meeting at the Presidential Office.

A Presidential Office official said about the meeting schedule, "It has not been finalized yet," but explained, "Since the NEOM City project is an unprecedented mega project with a significant impact on the domestic economy, active support from the government level is necessary." It appears that official remarks have been withheld until the last moment because Crown Prince bin Salman's visit to Korea was almost canceled once.

During the meeting between President Yoon and Crown Prince bin Salman, discussions are expected to cover a wide range of fields including technology, industry, construction, energy, and smart cities. As leading global companies are showing interest in the NEOM City project, it is necessary to highlight the competitiveness of domestic companies and serve as a foothold for securing linked projects.

Some interpret that the Presidential Office is sensitive because Saudi Arabia is experiencing conflicts with the United States over oil production cuts and is competing with Busan to host the '2030 World Expo.' This was also the background of the earlier rumors about the cancellation of the visit. Although South Korea entered the bidding late, it is not falling behind in the competition, so the Expo issue could become a leverage factor for the Saudi project.

However, political and business circles interpret Crown Prince bin Salman's visit solely from a 'business' perspective. Since it is a mega project covering about 26,500 km², equivalent to 44 times the size of Seoul, Saudi Arabia also necessarily requires the technological capabilities of domestic construction companies. A Presidential Office official said, "There is no significant connection between Crown Prince bin Salman's visit and the Busan Expo bid." Another official added, "Even if the meeting takes place, sensitive issues like the Expo are unlikely to be discussed; rather, the focus will be on confirming domestic companies' participation in projects and the willingness for cooperation at the government level. All relevant ministries will work together to provide necessary support from the government side."

This content was produced with the assistance of AI translation services.