Korea-Saudi Arabia Adopt Joint Statement After 43 Years... Confirmed as 'Partners' from Economy to Security (Comprehensive)

Focus on Future-Oriented Strategic Partnership... Composed of Two Pillars: Economy and International Peace
44 Articles Covering Bilateral Cooperation... Emphasis on Expanding New Industry Sectors Alongside Existing Cooperation in Construction
Separate Defense and Defense Industry Cooperation Between the Two Leaders... Reflecting Diversification of Korea-Saudi Cooperation Scope
Condemnation of All Security Council Resolution Violations Regarding North Korean Provocations... Saudi Side Highly Appreciates the 'Bold Initiative'

South Korea and Saudi Arabia have announced a joint statement containing the most comprehensive cooperation plan in 43 years. The core of the statement is to deepen and develop a 'future-oriented strategic partnership,' including the practical implementation of economic cooperation resulting from mutual visits between the heads of state, cooperation in defense and defense industry sectors, expansion of partnerships for international peace, and a total of 44 provisions. Notably, they also confirmed their willingness to cooperate on the conflict between Israel and Palestinian Hamas, opposing attacks on civilians and providing immediate humanitarian aid.

President Yoon Suk-yeol and Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud announced the 'Korea-Saudi Joint Statement' on the 24th (local time), expressing their commitment to the development of bilateral relations and cooperation on regional and international issues. This joint statement, adopted for the first time in 43 years since President Choi Kyu-hah's visit to Saudi Arabia in May 1980, contains 44 provisions, compared to only 12 provisions in the joint statement at that time and 19 provisions in the 2019 joint press release.

The joint statement adopted by the two leaders this time focuses on a 'future-oriented strategic partnership.' Both countries confirmed the South Korean government's support for Saudi Arabia's 'Vision 2030' and the mutually beneficial nature of the partnership to achieve 'Vision 2030.' Based on this, they systematically defined the purpose and scope of work of the presidential-level 'Strategic Partnership Committee.' This laid an institutional foundation for promoting strategic cooperation.

President Yoon Suk-yeol and his wife Kim Keon-hee, who are on a state visit to Saudi Arabia, are being received by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud at the official welcoming ceremony held at Yamama Palace in Riyadh on the 22nd (local time).
[Photo by Yonhap News]

'Practical Economic Cooperation,' the Largest Pillar of the Joint Statement… Both Countries to Support Companies and Investors to Expand Mutual Investment

The largest pillar of the Korea-Saudi joint statement is strengthening practical cooperation in various fields. ▲Trade and investment ▲Construction and infrastructure ▲Defense and defense industry ▲Energy ▲Climate ▲Culture and human exchange ▲New cooperation fields?both countries noted that since establishing diplomatic relations in 1962, the trade volume has increased 400 times and economic cooperation has reached a considerably high level. Judging that there is great potential to further expand mutual investment, they agreed to actively seek to expand mutual investment focusing on common interest areas such as the hydrogen economy, smart cities, future transportation, and startups.

Regarding trade and investment, both sides recognized that investment in the manufacturing sector has a significant positive impact on each other's economies through market expansion, job creation, and technology transfer, and agreed to continuously expand cooperation in the manufacturing sector. Specifically, to enhance cooperation in trade and investment, they agreed to continuously support and encourage companies and investors from both countries by providing investment opportunities, facilities and benefits, and resolving private sector difficulties.

They also noted visible achievements in manufacturing sector investment cooperation between the two countries, such as the recent contract for establishing an assembly-type automobile factory in Saudi Arabia through a joint venture between Korean companies and the Saudi Public Investment Fund, and the shipyard under construction in the eastern region of Saudi Arabia through a joint venture between Korean companies and Saudi Aramco.

They decided to broaden the investment horizon in new growth sectors. They shared the intention to expand investment in mutual interest areas such as the hydrogen economy, smart cities, future transportation, and startups. Following the opening of the 'Global Business Center' in Riyadh during President Yoon's state visit, cooperation between the Saudi Ministry of Investment and the Korean Ministry of SMEs and Startups will continue to expand.

Regarding construction and infrastructure, which holds the largest share in economic cooperation, both sides agreed that it is a symbolic cooperation field that has played a significant role in the economic development of both countries. This is evidenced by the fact that in June 2023, a Korean company won the contract for the Amiral project ordered by Aramco, and in July 2023, the first-ever Neom The Line exhibition in Asia was held in Seoul.

Accordingly, both sides agreed to cooperate for the success of giga projects promoted by Saudi Arabia, including the Neom project, Qiddiya, Red Sea development, Roshn, and Diriyah, as well as related infrastructure projects. The Presidential Office anticipated that with the opening of the 'Korea-Saudi Infrastructure Cooperation Center' during President Yoon's state visit, the institutional foundation for cooperation in construction and infrastructure between the two sides will be further strengthened.

Defense and defense industry also indicate diversification of cooperation between Korea and Saudi Arabia. It was revealed during President Yoon's state visit that large-scale defense industry cooperation discussions between the two countries are in the final stages. Export contracts in various fields such as air defense systems and firepower weapons are expected to be concluded soon, with considerable scale and amount anticipated. In addition, they agreed to expand cooperation in energy, climate, culture and human exchange, and new cooperation fields. The two leaders exchanged their hopes that strategic cooperation in the energy sector between the two countries will be further strengthened.

President Yoon Suk-yeol, on a state visit to Saudi Arabia, is holding 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]

Expansion from Economic Sector to International Peace Discussions… Strengthening Partnerships to Resolve Situations in the Middle East, Yemen, Ukraine, and More

It is also encouraging that the scope of partnership was extended beyond the economic sector to include international and regional peace and stability. ▲Middle East situation ▲Israel-Palestine situation ▲Yemen issue ▲Ukraine situation ▲North Korean nuclear issue?all international issues were included, and both sides reaffirmed their commitment to continue cooperation and strengthen efforts to maintain world peace and security. They also pledged to enhance cooperation and joint coordination on these matters and provide all necessary support to establish peace and stability in the region and the international community.

The Korean side noted that Saudi Arabia has been playing an active role in easing tensions and promoting peace in the Middle East, including restoring relations with Iran. Ultimately, they judged that such efforts can contribute to strengthening regional security and stability by preserving national sovereignty and the principle of non-interference in internal affairs.

Regarding the escalating tensions between Israel and Palestine, both sides emphasized the importance of protecting civilians under international law and international humanitarian law and expressed opposition to any form of attacks on civilians. Accordingly, they agreed to cooperate with the international community to provide swift and immediate humanitarian aid to civilians.

On the Yemen issue, they emphasized the importance of full support for international and regional efforts. The Korean side highly appreciated Saudi Arabia's efforts to encourage dialogue and reconciliation among the parties involved in the Yemen crisis, various initiatives, and Saudi Arabia's role in providing and facilitating humanitarian aid throughout Yemen.

Regarding the Russia-Ukraine situation, both agreed that the use of force causing innocent casualties cannot be justified under any circumstances. They emphasized the importance of making every possible effort to prevent the worsening of the situation by restoring security and stability and mitigating the negative impacts of the crisis.

The Korean Peninsula security issue was also addressed. They condemned all violations of Security Council resolutions aimed at preventing the proliferation of weapons of mass destruction, including nuclear and ballistic missile programs and weapons transfers that could undermine international stability. The Saudi side attached great significance to the Korean government's persistent and resolute efforts, including President Yoon's 'Bold Initiative' proposal. Crown Prince bin Salman said, "This state visit has become an important opportunity to further strengthen cooperation between the two countries," and added, "We hope that the international community will work together to make the world a better place for future generations."

President Yoon Suk-yeol, on a state visit to Saudi Arabia, is holding an expanded Korea-Saudi Arabia meeting 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]

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