During the Entire Tour, President Yoon Cared for Businesspeople: "Tell Me Anytime About Unfair Issues... I Will Keep Running and Running" (Comprehensive)

President Yoon: "Government and Companies Are One Team... We Will Expand the Playground for Unlimited Growth"
Directly Oversees Hyundai Motor Investment Contract Signing Ceremony... "Korean Companies Have Both Technology and Experience"
Saudi Interest Draws Attention... Joined Leaders' Luncheon and Requested Participation in New Development Projects

President Yoon Suk-yeol, who is on a state visit to Saudi Arabia, is continuously supporting the Korean economic delegation. Taking advantage of President Yoon's state visit, Team Korea has achieved export sales exceeding $15.6 billion (21 trillion KRW), and the government is determined not to spare any support to strengthen companies' overseas expansion and competitiveness in export markets.

Having virtually concluded the main economic schedule of his Saudi tour, President Yoon held a dinner with the economic delegation on the 23rd (local time) and said, "If there are any difficulties or unreasonable matters, please let us know anytime," adding, "If it helps our companies' exports and orders, I will run and run again." This event was arranged for President Yoon to encourage the economic delegation and directly check any difficulties encountered during discussions with Saudi partners.

President Yoon Suk-yeol, on a state visit to Saudi Arabia, is delivering an encouragement speech at the Companion Business Dinner held at the Marriott Hotel in Riyadh on the 23rd (local time).
[Photo by Yonhap News]

President Yoon also emphasized, "Supporting companies to grow and pioneer markets is the core of economic policy." He promised, "Going forward, the government will make every effort to help our companies achieve greater results and to expand the playing field where they can pioneer markets and run freely."

He requested businesspeople to actively participate in Saudi Arabia's economic development preparing for the post-oil era. President Yoon said, "Saudi Arabia is preparing for the post-oil era with ambitious plans such as Vision 2030 and the construction of Neom City," adding, "Our companies' large-scale participation is necessary, desired, and I believe it must be done."

The day before, President Yoon personally oversaw the signing ceremony of the joint automobile production investment contract between Hyundai Motor Company and the Saudi Public Investment Fund (PIF) to empower companies. Originally, the signing ceremony was scheduled to be held separately in the morning like other MOUs, but the Saudi government requested President Yoon's attendance. President Yoon attended the event and expressed gratitude for significant investments in Korea, such as Aramco's Shaheen project and the Saudi PIF's investments in secondary batteries and gaming. In particular, he actively promoted, "Korean companies not only possess technology and experience but also combine innovative management mindsets and diligent workers' attitudes, which will greatly contribute to the success of Saudi's national transformation projects like Vision 2030 and mega projects such as Neom."

The Saudi government is also focusing on increasing contact with Korean businesspeople. The PIF judged that Hyundai's electric vehicle production plant symbolizes a paradigm shift in Korea-Saudi cooperation, and Al Rumayyan, PIF Governor, urgently changed his schedule to attend that day. The forum attracted attention with the attendance of Saudi economic ministers, including Energy Minister Prince Abdulaziz bin Salman, Investment Minister Khalid Al-Falih, and Industry, Minerals and Resources Minister Bandar Al-Khorayef. Requests for attendance from Saudi companies also poured in. Although the Saudi government expanded the attendance scope to the maximum extent possible, some Saudi businesspeople reportedly turned away.

Some company heads unusually joined the official state luncheon between President Yoon and Crown Prince Mohammed bin Salman of Saudi Arabia, drawing attention. Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, and Hanwha Group Vice Chairman Kim Dong-kwan attended the official luncheon held on the 22nd at Riyadh's Yamama Palace with President Yoon and Crown Prince Salman. The attendance of company heads at the state luncheon was not originally planned, but it is known that the Saudi side wanted Korea's leading company heads to have direct conversations with domestic ministers and those responsible for managing the Saudi PIF. They sat next to each other and engaged in substantive discussions.

On the first day of President Yoon's state visit, the Saudi side also requested active participation of Korean companies in the Diriyah Gate development project worth 27 trillion KRW. At this event, the Saudi Minister of Investment reportedly mentioned cooperation in the hotel and restaurant sectors, specifically naming certain Korean companies to President Yoon.

President Yoon Suk-yeol, on a state visit to Saudi Arabia, is having a conversation with key figures including Khalid Al-Faleh, Saudi Minister of Investment, Ryu Jin, Chairman of the Korea Economic Association, Lee Jae-yong, Chairman of Samsung Electronics, and Chung Eui-sun, Chairman of Hyundai Motor, ahead of the Korea-Saudi Investment Forum held at the Fairmont Hotel in Riyadh on the 22nd (local time).
[Photo by Yonhap News]

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