Yoon: "Will Find Solutions to Complex Crises Through New 'Jungdong Special'"

Eun-hye Kim, Chief of Public Relations, "Saudi Arabia Visit Expands the Playing Field for Citizens and Businesses"
Yoon, in Interview, "Cooperation in Energy, Investment, Culture, and Various Other Fields"

On the 22nd (local time), the Presidential Office stated regarding President Yoon Suk-yeol's state visit to Saudi Arabia, "President Yoon, the top salesperson, believes that the current overseas economic conditions surrounding our country and the complex crises we face can find solutions through a new Middle East boom."

Kim Eun-hye, Chief of Public Relations, held a briefing at the press center set up in Riyadh, the capital of Saudi Arabia, in the morning and said, "President Yoon, even at the state affairs task review meeting held a year ago, encouraged all ministries to industrialize actively, emphasizing that to seize opportunities in times of crisis, it is necessary to actively seek ways to strengthen industrial competitiveness and increase exports."

Kim Eun-hye, Chief Public Relations Officer of the Presidential Office, is briefing the press corps of the Republic of Korea at the press center set up in a hotel in Riyadh, Saudi Arabia, on the state visit of President Yoon Suk-yeol on the 22nd (local time).
[Photo by Yonhap News]

In particular, Chief Kim said, "This year, when President Yoon visited Saudi Arabia, marks the 50th anniversary of Korean companies entering Saudi Arabia, and the full-scale expansion of companies into the Middle East became a stepping stone to overcoming the oil shock crisis of the 1970s," adding, "South Korea found a breakthrough for economic leap through the Middle East boom amid consecutive global economic recessions."

She continued, "With Crown Prince Mohammed bin Salman's visit to Korea last year and 26 large-scale investment agreements worth 40 trillion won, a second Middle East boom was opened," and "Also, the Shahin project with a total investment of 14 trillion won has opened a new horizon for economic cooperation." She further evaluated, "As Saudi Arabia transitions into a digital science and technology industrial nation in the post-oil era, Korea is the optimal partner, and the so-called advanced industry partnership is developing between the two countries."

She also forecasted the expansion of economic cooperation between the Korean and Saudi governments. Chief Kim emphasized, "Saudi Arabia is currently preparing mega projects such as the 2030 Neom City, a national transformation vision," and "As investments in nuclear power, eco-friendly energy, digital, and AI (artificial intelligence) expand worldwide, partnerships with the Middle East are advancing to a new stage encompassing future industries such as hydrogen, IT, automobiles, and renewable energy beyond energy construction." Chief Kim added, "This Saudi visit, in the Arab world that introduced Goryeo as Korea to the world 1,000 years ago, will be aligned with expanding the playground for our people and companies to thrive."

The economic cooperation expansion policy of the government is also reflected in President Yoon's interview reported locally that day. President Yoon emphasized the economic cooperation between the two countries, saying, "Korea will continuously contribute to effectively realizing 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."

President Yoon said, "Saudi Arabia is Korea's number one crude oil supplier, the largest trading partner in the Middle East, and one of the key allies supporting our stance on North Korea's nuclear issue and the Korean Peninsula matters on international platforms including the United Nations," and 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."

He also mentioned that the economic cooperation between the two countries, which began with Korean companies' entry into Saudi construction and infrastructure in the 1970s, is expanding and developing into fields such as plants, smart farms, bio, and cultural contents. President Yoon said, "The two countries are diversifying cooperation into various fields such as plant construction and hydrogen supply chains beyond traditional energy cooperation and resource import-export relations," and expressed hope, "The future of the bilateral relationship depends on exchanges and cooperation among the youth."

A written interview with President Yoon Suk-yeol, who is on a state visit to Saudi Arabia, was published on the 22nd (local time) in the Saudi daily newspaper Al Riyadh under the title "Korea-Saudi Arabia, a Solid Friendly and Cooperative Relationship." [Photo by Yonhap News]

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