Yoon and Crown Prince Bin Salman of Saudi Arabia Establish 'Strategic Partnership Committee'... "Right Time for Relationship Leap"

Expanded and Bilateral Talks, Official Luncheon at Hannam-dong Residence
Bin Salman Expresses Hope for Cooperation in Energy, Defense Industry, Infrastructure, and Construction Sectors with Korea

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 17th, President Yoon Suk-yeol met with Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud of Saudi Arabia and established a Strategic Partnership Committee. This was aimed at developing bilateral relations into a future-oriented strategic partnership.

Taking advantage of Crown Prince bin Salman's visit, the two countries prepared practical cooperation plans worth tens of trillions of won, including investment cooperation for the second phase of the S-Oil project, signing over 20 memorandums of understanding (MOUs), and expanding opportunities to participate in the NEOM City project. They also agreed to cooperate in stabilizing regional situations, including on the Korean Peninsula.

The Presidential Office stated that on the day, President Yoon held talks with Crown Prince and Prime Minister Mohammed at the Hannam-dong residence, exchanging broad and in-depth views on ▲ the development of bilateral relations ▲ ways to enhance practical cooperation ▲ and the situation on the Korean Peninsula and in the Middle East region.

Saudi Arabia is a leading Arab country in the Gulf Cooperation Council (GCC) and a major supplier in the global energy market. Based on the world's largest oil field within its territory, it is the only country in the Organization of the Petroleum Exporting Countries (OPEC) capable of adjusting oil prices by utilizing its capacity to increase or decrease production.

In particular, President Yoon and Crown Prince Mohammed agreed to further develop Korea-Saudi relations into a "future-oriented strategic partnership" and to establish a "Strategic Partnership Committee" between President Yoon and Crown Prince Mohammed to systematically promote cooperative projects.

Centered on the Korea-Saudi Vision 2030 Committee, they agreed to further strengthen cooperation to achieve tangible results in various fields such as energy cooperation, investment cooperation, defense industry cooperation, cultural exchange, human exchange, and tourism.

President Yoon evaluated Saudi Arabia as Korea's largest trading partner in the Middle East and a key partner in overseas construction, as well as a core partner for Korea's economy and energy security. He proposed that "on the occasion of the 60th anniversary of diplomatic relations, now is the right time to elevate bilateral relations to a new level as Saudi Arabia opens a new future under the leadership of Crown Prince Mohammed through Saudi Vision 2030."

President Yoon expressed his expectation to further expand and develop cooperation between the two countries in ▲ investment cooperation in new growth sectors ▲ participation in mega projects such as NEOM ▲ defense industry cooperation ▲ future energy development including hydrogen ▲ and cultural exchange and tourism revitalization.

Crown Prince Mohammed also praised Korean companies for their significant contributions to Saudi Arabia's national infrastructure development since the establishment of diplomatic relations and responded, "Based on the trust accumulated in this process, we hope to strengthen cooperation with Korea to realize Saudi Vision 2030."

Specifically, he expressed a desire to dramatically strengthen cooperation with Korea in the fields of ▲ energy ▲ defense industry ▲ infrastructure and construction.

In the energy sector, he requested cooperation in ▲ hydrogen energy development ▲ carbon capture technology ▲ small modular reactor (SMR) development and nuclear power personnel training. In the defense sector, he sought hardware and software cooperation to enhance Saudi defense capabilities, and in infrastructure, he asked for active participation from various companies, including Korean small and medium-sized enterprises, as part of Vision 2030.

The Presidential Office stated, "This visit by Crown Prince Mohammed is the first in three years since 2019 and is evaluated as an important opportunity to leap to a new stage in bilateral relations."

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