Yoon: "Great Synergy if Korea and Saudi Join Hands"... 46 Contracts and MOUs Signed

President Yoon Attends Korea-Saudi Investment Forum
Evaluates Economic Cooperation Achievements and Presents Future Directions
Over 300 Business Leaders from Both Countries... Emphasizing 'Vision 2030'

During his state visit to Saudi Arabia, President Yoon Suk-yeol met with business and government officials from both countries on the 22nd (local time) and stated, "When Korea, which possesses advanced technology and successful industrial development experience, joins hands with Saudi Arabia, which has abundant capital and growth potential, great synergy will be created." On this day, companies and institutions from both countries signed a total of 46 contracts and MOUs (Memorandums of Understanding) across various fields such as clean energy, electric vehicles, digital technology, and smart farms.

In the afternoon, President Yoon attended the Korea-Saudi Investment Forum, where he evaluated the achievements of economic cooperation between the two countries and made these remarks. In particular, President Yoon presented directions for cooperation toward a new future partnership to business and government officials from both countries. He first praised the sweat and passion of businesspeople from both countries, saying, "This year marks the 50th anniversary since Korean construction companies first entered the Middle East by winning a contract for highway construction in Saudi Arabia."

President Yoon Suk-yeol, on a state visit to Saudi Arabia, is entering the Korea-Saudi Investment Forum held at the Fairmont Hotel in Riyadh on the 22nd (local time).
[Photo by Yonhap News]

Substantial economic cooperation results also emerged. On this day, companies and institutions from both countries signed a total of 46 contracts and MOUs. By sector, these included ▲ 7 in energy and power (2 contracts, 5 MOUs) ▲ 8 in infrastructure and plants (1 contract, 7 MOUs) ▲ 19 in advanced industries and manufacturing (including electric vehicles) (2 contracts, 17 MOUs) ▲ 10 in new industries (1 contract, 9 MOUs) ▲ and 2 other MOUs including financial cooperation. Notable agreements included a joint crude oil stockpiling contract of 5.3 million barrels between Korea National Oil Corporation and Saudi state-owned oil company Aramco, and a contract for establishing a CKD (Completely Knocked Down) automobile factory in the King Abdullah Economic City through a joint investment of approximately 400 million dollars by Hyundai Motor Company and the Saudi Public Investment Fund (PIF).

In response, President Yoon emphasized, "When Korea, which possesses advanced technology and successful industrial development experience, joins hands with Saudi Arabia, which has abundant capital and growth potential, great synergy will be created," adding, "In line with Saudi Arabia’s national strategy 'Vision 2030,' the two countries must expand partnerships into various fields such as manufacturing, clean energy, and smart infrastructure."

He also highly evaluated ongoing cooperation between the two countries in manufacturing sectors such as shipbuilding and automobiles. Furthermore, he expressed hope that similar forms of cooperation would expand in new industries such as AI (artificial intelligence) and biotechnology. He stated, "Since both countries have declared carbon neutrality, let us lead the global hydrogen economy by combining Saudi Arabia’s hydrogen production with Korea’s hydrogen distribution and utilization."

Additionally, President Yoon said, "Saudi Arabia’s bold investments in mega projects like NEOM are harmonizing with Korea’s advanced technology and cultural content," and promised, "We will fully support corporate cooperation centered on the 'Korea-Saudi Vision 2030 Committee.'"

Meanwhile, the forum was attended by about 300 businesspeople and government officials from Korea and Saudi Arabia, including the economic delegation accompanying the president on this state visit, providing a platform for discussion.

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