Yoon: "Korea is Saudi's Optimal Partner... Interest in Korean Companies Participating in Mega Projects"

President Yoon Suk-yeol Holds Talks with Crown Prince Bin Salman of Saudi Arabia
First State Visit by Our Leader... Mutual Visits by Both Leaders Within One Year
Agreed to Continue Expanding and Developing a 'Future-Oriented Strategic Partnership'

During his state visit to Saudi Arabia, President Yoon Suk-yeol met with Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, on the 22nd (local time), and they agreed to deepen and develop the future-oriented strategic partnership between the two countries. In particular, President Yoon requested Saudi Arabia's interest to allow Korean companies to participate in mega projects such as NEOM, Qiddiya, and the Red Sea.

Prior to the meeting, an official welcoming ceremony celebrating President Yoon's state visit was held in the Yamama Palace garden. As the vehicle carrying President Yoon and his spouse entered the entrance of Yamama Palace, the Saudi cavalry escorted and guided the vehicle into the garden. President Yoon was received by Crown Prince bin Salman, inspected the honor guard along the red carpet, and then entered the interior of Yamama Palace to greet the Saudi delegation.

President Yoon Suk-yeol, on a state visit to Saudi Arabia, held a Korea-Saudi Arabia summit with Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud at Yamama Palace in Riyadh on the 22nd (local time).
[Photo by Yonhap News]

At the subsequent meeting, President Yoon said, "I am pleased to make a state visit to Saudi Arabia less than a year after Crown Prince Mohammed's visit to Korea last November," and emphasized, "This year marks the 50th anniversary of our companies entering Saudi Arabia, making it a meaningful year. I hope this state visit will further deepen the bilateral relationship." In response, Crown Prince bin Salman said, "Saudi Arabia aims to further develop practical cooperation with Korea, a key partner in the national development strategy 'Vision 2030,' across various fields," and added, "I look forward to more frequent communication and cooperation with President Yoon for this purpose."

President Yoon and Crown Prince bin Salman welcomed the signing of a Memorandum of Understanding (MOU) defining the details of the 'Strategic Partnership Committee.' President Yoon also highly appreciated the tangible achievements following Crown Prince bin Salman's visit to Korea last year, including the groundbreaking ceremony for the S-Oil Shahin project, the establishment of a Korea-Saudi joint fund worth $160 million for venture investments, and the opening of the Global Business Center in Riyadh to support small and medium-sized enterprises entering Saudi Arabia.

In particular, President Yoon stated, "The awarding of the 'Amiral Project' to Hyundai Engineering & Construction in June, which involves building a petrochemical plant, is a significant achievement commemorating the 50th anniversary of Saudi construction market entry." He then requested the Crown Prince and the Saudi government’s attention to enable more Korean companies to participate in mega projects such as NEOM, Qiddiya, and the Red Sea.

Furthermore, President Yoon said, "In the post-oil era, Korea is Saudi Arabia’s optimal partner. It is encouraging that the bilateral relationship is evolving from traditional sectors such as energy and construction to advanced industrial partnerships including automobile and shipbuilding. I also hope cooperation will expand in tourism and cultural exchange." He also expressed his expectation that Saudi Arabia, as a key country in the energy market and an oil exporter amid increasing uncertainties in the international oil market, will demonstrate leadership to stabilize the market.

Additionally, President Yoon and Crown Prince bin Salman evaluated that there is great potential for cooperation between the two countries in various fields such as tourism, smart farming, patents, shipping and marine fisheries, statistics, cybersecurity, and pharmaceutical regulation, and agreed to work together to achieve concrete results going forward.

Meanwhile, President Yoon and Crown Prince bin Salman also exchanged views on the Middle East situation, which has become increasingly unstable due to the ongoing Israel-Hamas armed conflict. At the meeting, President Yoon stated that the Korean government will provide necessary cooperation, including humanitarian aid.

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