Changed Korea-Saudi Economic Cooperation... Unprecedented Lee Jae-yong Attends Summit Luncheon

Lee Jae-yong, Chung Eui-sun, and Kim Dong-kwan Attend Official Luncheon... "Substantive Dialogue Underway"
President Yoon Discusses Participation of Korean Companies in 26 Trillion Won Diriyah Development from Day One

President Yoon Suk-yeol and Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud held a state banquet lunch, unusually accompanied by Korean business leaders. This was to expedite practical investment cooperation, indicating that the economic cooperation framework between South Korea and Saudi Arabia is diversifying.

A presidential office official told reporters at the press center set up in Riyadh on the 22nd (local time), "Although CEOs did not attend the bilateral summit, about three attended the lunch," adding, "It is said that such cases are quite rare as a matter of custom."

Samsung Electronics Chairman Lee Jae-yong is shaking hands with Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud as he heads to the luncheon after the expanded Korea-Saudi Arabia talks with President Yoon Suk-yeol at Yamama Palace in Riyadh, Saudi Arabia, on the 22nd (local time).
[Photo by Yonhap News]

The official elaborated, "It seems that the Saudi side wanted the heads of representative Korean companies to attend and have direct talks with the relevant ministers and the officials managing Saudi’s sovereign wealth fund," adding, "So I saw them sitting side by side and having lunch while engaging in substantive discussions. I think it will be helpful."

Inviting business leaders to the lunch appears to be aimed at raising the level and accelerating the pace of investment cooperation between the two countries. Kim Tae-hyo, First Deputy Director of the National Security Office, explained, "During the lunch, the attendees gathered by their respective areas of expertise and intensively discussed ways to cooperate on business."

The business leaders who attended this event included Lee Jae-yong, Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor Group; and Kim Dong-kwan, Vice Chairman of Hanwha. They accompanied the economic delegation on this visit to explore cooperation plans in Middle Eastern infrastructure construction projects, including the 'NEOM City,' and the energy sector.

Hyundai Motor Group Chairman Chung Eui-sun is shaking hands with Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud as he heads to the luncheon after the expanded Korea-Saudi Arabia talks with President Yoon Suk-yeol at Yamama Palace in Riyadh, Saudi Arabia, on the 22nd (local time).
[Photo by Yonhap News]

Kim Dong-kwan, Vice Chairman of Hanwha, is shaking hands with Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud as they head to the luncheon after the expanded Korea-Saudi Arabia talks with President Yoon Suk-yeol at Yamama Palace in Riyadh, Saudi Arabia, on the 22nd (local time).
[Photo by Yonhap News]

Previously, they also held a private meeting during Crown Prince bin Salman's visit to Korea in November last year. At that time, Crown Prince bin Salman signed an investment cooperation contract worth 40 trillion won centered on the 'NEOM City' project and reportedly discussed cooperation in various fields such as artificial intelligence (AI), 5G wireless communication, advanced air mobility (AAM), green hydrogen, and infrastructure for electric vehicles.

The Saudi side’s willingness for economic cooperation was evident from the first day of President Yoon’s arrival. On the first night, President Yoon visited the Diriyah heritage site, considered the origin of the Saudi kingdom, where the Saudi side actively requested investment in the Diriyah Gate project. The Diriyah Gate project involves developing luxury villas, townhouses, community centers, resorts, hospitals, and shopping centers in the Diriyah area, located 20 km west of Riyadh, with a total project cost of 20 billion dollars (about 27.06 trillion won). Until now, Korean companies’ participation in the Diriyah development had not been specifically discussed.

In particular, at this event, the Saudi Minister of Investment mentioned specific Korean companies to President Yoon and brought up cooperation in the hotel and restaurant sectors. The development authority chief then introduced the history of bilateral relations dating back to the Silla period and said, "My second hometown is Seoul," adding, "It is a great honor to brief the first Korean salesperson president."

President Yoon’s state treatment was also notable. The presidential aircraft, Air Force One, carrying President Yoon, was escorted by two Saudi F-15 fighter jets upon arrival at Riyadh King Khalid International Airport, and at the official welcoming ceremony on the 22nd, the vehicle carrying President Yoon and his spouse was escorted by a Saudi cavalry unit.

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