Yoon Attends 'Future Investment Initiative Forum'... "Korea, a Trustworthy Partner"

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President Yoon Suk-yeol attended the 'Future Investment Initiative Forum (FII)' on the last day of his 3-night, 4-day state visit to Saudi Arabia on the 24th (local time), urging active investment by stating, "The Republic of Korea is a trustworthy partner."

President Yoon made these remarks at the FII held at the King Abdulaziz International Conference Center (KAICC) in Riyadh, Saudi Arabia, that afternoon. The Future Investment Initiative Forum, held annually since 2017, is known as the "Davos of the Desert" and attracts global attention. This year’s theme was "A New Compass."

Greeting the audience with "Assalamu Alaikum" (an Arabic greeting meaning "peace be upon you"), President Yoon explained the history of exchanges between Korea and the Middle East. He said, "Although the Republic of Korea and the Middle East are located at opposite ends of the vast Asian continent, they have been exchanging through the Silk Road for over 1,300 years," adding, "It was the Arab merchants who introduced the name 'Korea' to the world through the Goryeo dynasty on the Korean Peninsula about 1,000 years ago."

President Yoon Suk-yeol, on a state visit to Saudi Arabia, is speaking at the Future Investment Initiative Forum (FII) held on the 24th (local time) at the King Abdulaziz International Conference Center (KAICC) in Riyadh.
[Image source=Yonhap News]

He cited trust as Korea’s strength as an economic investment partner. President Yoon emphasized, "Arab merchants prioritized trust in transactions to overcome numerous hardships in harsh environments and led the Silk Road. Saudi Arabia was among the first countries to trust the potential of the Republic of Korea."

He continued, "In the early 1970s, Korean companies and workers operated in three shifts, 24 hours a day, at the Al-Ula-Kaiba highway construction site in Saudi Arabia, successfully completing the project within the scheduled period," adding, "Middle Eastern countries, including Saudi Arabia, which confirmed Korea’s diligence and trustworthiness, entrusted more projects. This became the starting point for Korea, which had neither natural resources nor advanced technology, to achieve the Miracle on the Han River."

He also highlighted the deepening trust between Korea and Middle Eastern countries despite geopolitical tensions and fragmented supply chains, citing the $29 billion economic cooperation realized through Crown Prince and Prime Minister Mohammed bin Salman Al Saud’s visit to Korea in November last year and the $30 billion investment during the state visit to the United Arab Emirates (UAE) in January this year.

President Yoon pointed out Korea’s leadership in advanced industries through innovation as another attractive factor for investment. He introduced, "More than 20% of the world’s semiconductors, secondary batteries, and smartphones are products of Korean companies. Korea is one of the world’s top seven space powers, having successfully launched space launch vehicles and lunar orbiters," adding, "Korea possesses unique expertise in nuclear power plant construction, such as the UAE’s Barakah nuclear power plant, and produces diverse global cultural content including BTS, BLACKPINK, and Squid Game."

He emphasized, "The Shaheen project, which began in March this year, is a good example of combining Korea’s technological capabilities with Saudi Arabia’s investment capacity," adding, "Through the largest-ever investment in petrochemicals in Korea, it will establish high-efficiency, state-of-the-art production facilities, significantly contributing to reducing production costs, creating jobs in related upstream and downstream sectors, and revitalizing the economy."

President Yoon also promoted the "solidarity with the international community," which he has highlighted in various meetings since taking office. He promised, "Our Yoon Suk-yeol administration has declared becoming a global pivotal state as a national goal. Now, Korea will share its experience of growth and development through international support and cooperation with many countries, greatly expanding official development assistance, technology, and human exchanges to create a prosperous future together with the international community, including the Middle East."

He added, "There is an Arab proverb that says, 'Before you travel, choose the friends who will go with you,'" and requested, "The Republic of Korea is an innovative and trustworthy partner with whom you can unite for the future. Dear world leaders and businesspeople, I look forward to your joining Korea on the journey toward a new era."

Following this, President Yoon held a dialogue with Scott Snyder, Senior Fellow at the Council on Foreign Relations (CFR), exchanging views on the current and future cooperation between Korea and the Middle East.

Before attending the forum, President Yoon had a 23-minute private meeting with Crown Prince Mohammed bin Salman, then rode in the front passenger seat of a vehicle driven by the Crown Prince to the forum venue. According to a written briefing by Chief Secretary for Public Relations Kim Eun-hye, this unscheduled meeting occurred when Crown Prince Mohammed bin Salman visited the presidential residence, the Yeongbingwan. The Crown Prince accompanied the president into the venue and remained throughout the speech and dialogue.

President Yoon Suk-yeol moved on the 24th (local time) to the King Abdulaziz International Conference Center, where the Future Investment Initiative (FII) forum is being held, in a vehicle driven by Crown Prince Bin Salman of Saudi Arabia, who visited the Riyadh guesthouse.
[Image source=Yonhap News]

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