Yoon: "Korea Contributes to Saudi Vision 2030... Will Seek Sustainable Development"

Yoon's Written Interview with Saudi Local Media
Timely Opportunity to Elevate Bilateral Relations to a New Level
Strengthening Economic Cooperation through Saudi Visit
South Korea and Saudi Cooperate to Block North Korea's Nuclear and Missile Provocations

President Yoon Suk-yeol, on a state visit to Saudi Arabia, emphasized the economic cooperation between the two countries, stating, "Korea will continuously contribute to the effective realization of Saudi Arabia's Vision 2030 based on Korea's economic development know-how and experience, as well as the capabilities and technologies of excellent Korean companies." He also stressed that they would join forces with Saudi Arabia to deter North Korea's nuclear and missile development and threats in terms of security.

According to the presidential office and the Saudi daily 'Al Riyadh' on the 22nd (local time), President Yoon said in an interview published that day, "Saudi Arabia is a key partner for Korea's economy and energy security, and it is the right time to elevate bilateral relations to a new level." Crown Prince and Prime Minister Mohammed bin Salman is promoting 'Vision 2030,' a future growth strategy aimed at moving away from an oil-centered national economy toward a carbon-neutral country.

President Yoon first noted, "Saudi Arabia is Korea's top crude oil supplier, the largest trading partner in the Middle East, and one of the major allies supporting our stance on North Korea's nuclear issues and the Korean Peninsula at international forums including the United Nations." He evaluated, "Korea is one of the key cooperation countries for realizing Saudi Arabia's Vision 2030, and cooperation will continue to expand not only in construction and infrastructure but also in energy, investment, culture, and various other fields."

President Yoon Suk-yeol and First Lady Kim Keon-hee, who are on a state visit to Saudi Arabia, arrived at King Khalid International Airport in Riyadh on the 21st (local time) and are moving to the reception room inside the airport to have a conversation with Deputy Governor Mohammad bin Abdulrahman bin Abdulaziz. [Image source=Yonhap News]

He also emphasized that the economic cooperation between the two countries, which began in the 1970s with Korean companies entering Saudi Arabia's construction and infrastructure sectors, is expanding and developing into areas such as plants, smart farms, bio, and cultural contents. Regarding this, President Yoon said, "The two countries are diversifying cooperation beyond traditional energy collaboration and resource import-export relations into various fields such as plant construction and hydrogen supply chains," adding, "The future of bilateral relations depends on the exchange and cooperation of the youth."

He introduced that economic cooperation between the two countries is expected to strengthen following Crown Prince bin Salman's visit to Korea in November last year and President Yoon's state visit. During his visit to Korea, Crown Prince bin Salman signed contracts and memorandums of understanding worth $29 billion in various fields including clean energy, petrochemicals, smart farms, and bio.

President Yoon explained, "Saudi Arabia is the largest construction order market, accounting for nearly 20% of our total overseas construction orders, and cooperation in this field has become more active since Crown Prince bin Salman's visit to Korea last November." He added, "I believe there is great potential for cooperation between the two countries in hydrogen supply chains and renewable energy sectors, and the government intends to concretize consultations on this matter." He further stated, "Beyond traditional energy and construction cooperation, Korea and Saudi Arabia are now developing a close relationship of jointly manufacturing ships and automobiles."

Regarding renewable energy, he said, "Korea aims to accelerate the transition to a carbon-neutral era by broadly utilizing high-efficiency carbon-free energy (CFE) such as nuclear power and hydrogen, while advancing carbon capture, utilization, and storage technology (CCUS). I believe there is significant room for cooperation with Saudi Arabia in this field." He emphasized, "Saudi Arabia has strengths in hydrogen production based on renewable energy and natural gas, so I hope the two countries will cooperate together to realize a hydrogen economy."

President Yoon also stressed the intention to closely cooperate with Saudi Arabia on international issues such as North Korea's nuclear and missile provocations, the Israel-Hamas armed conflict, and the Ukraine war. He said, "Korea, as a responsible member of the international community and a non-permanent member of the UN Security Council for the 2024-2025 term, seeks to strengthen cooperation with Saudi Arabia, a key player both internationally and regionally, on various global challenges." He added, "Amid increasing instability in international security, this Korea-Saudi Arabia summit will be an opportunity for the two countries to exchange views on how to jointly contribute to world peace and sustainable development."

Specifically regarding the North Korean issue, he stated, "It is very concerning that North Korea and Russia held a summit and discussed military cooperation. The military cooperation between Russia and North Korea is not only a provocation to the security of the Republic of Korea and Ukraine but also a direct challenge to the UN and the international community, which adopted UN Security Council resolutions." He mentioned, "Since Saudi Arabia has maintained a firm stance supporting nuclear non-proliferation on the international stage, the Republic of Korea intends to actively cooperate with Saudi Arabia in blocking North Korea's nuclear and missile provocations and developments."

President Yoon Suk-yeol had lunch together after a meeting with Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, who visited Korea on November 17, 2022.
[Image source=Yonhap News]

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