By Lee Jon-young

 

President Yoon Suk-yeol, who is on a state visit to Saudi Arabia, held talks with His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, at Yamama Palace in Riyadh on Oct. 22.  They agreed to deepen and develop the future-oriented strategic partnership between the two countries.

Prior to the meeting, an official welcome ceremony was held in the gardens of Yamama Palace to celebrate President Yoon's state visit. As the vehicle carrying the President and his wife entered the entrance of Yamama Palace, the Saudi side escorted the vehicle into the gardens, accompanied by mounted troops. 

 

 

The President was greeted by Crown Prince Mohammed and escorted down the red carpet by a military honor guard before entering Yamama Palace, where he was greeted by the Saudi entourage.

 

During the meeting that followed, the President and Crown Prince Mohammed expressed their strong commitment to deepen and develop the future-oriented strategic partnership between Korea and Saudi Arabia.

 

President Moon expressed his pleasure to visit Saudi Arabia less than a year after Crown Prince Mohammed's visit in November last year, and said that this year marks the 50th anniversary of our company's presence in Saudi Arabia, and he looks forward to further deepening our bilateral relationship through this state visit.

 

 

Crown Prince Mohammed welcomed the President Yoon's state visit to Saudi Arabia and expressed his desire to further develop practical cooperation in various fields with Korea, a key partner country in Saudi Arabia's Vision 2030 national development strategy, and said that he looks forward to communicating and working with President Yoon more frequently.

 

The President and Crown Prince Mohammed welcomed the signing of a Memorandum of Understanding (MOU) outlining the details of the "Strategic Partnership Committee." 

 

The President also noted that since Crown Prince Mohammed's visit in November last year, tangible results have been achieved, including the groundbreaking ceremony for the S-Oil Shaheen project (March 2023), the establishment of a $160 million joint Saudi-Korean fund for venture investment (June 2023), and the opening of a global business center in Riyadh (on the occasion of the President's visit) to help SMEs expand their operations in Saudi Arabia.

 

In particular, Yoon appraised Hyundai E&C's winning of the 'Amiral Project' to build a petrochemical plant in June this year as a great achievement marking the 50th anniversary of the company's entry into Saudi construction, and requested the interest of the Crown Prince and the Saudi government to encourage more Korean companies to participate in mega projects such as Neom, Qiddiya, and the Red Sea. 

 

The President also said that Korea is an optimal partner for Saudi Arabia in the post-oil era, and that it is encouraging to see the bilateral relationship evolving from traditional energy and construction to a high-tech industrial partnership that also makes cars and ships, and hoped that cooperation would expand in the fields of tourism and cultural exchange.

 

In the face of increased uncertainty in the international crude oil market, the President said he looked to Saudi Arabia, a key player in the energy market and an exporter of crude oil, to provide leadership in stabilizing the market.

 

The President and Crown Prince Mohammed also recognized the potential for bilateral cooperation in a number of areas, including tourism, smart farms, patents, shipping and maritime fisheries, statistics, cybersecurity, and drug regulation, and encouraged the two countries to work together to achieve concrete results in the future.

 

The President and Crown Prince Mohammed exchanged views on the situation in the Middle East, which is currently being destabilized by the armed conflict between Israel and Hamas, and the President noted that the Korean government will provide necessary cooperation, including humanitarian assistance.

 

Meanwhile, Crown Prince Mohammed expressed his gratitude for the President's participation in a special session as a guest of honor on the first day of the 7th Future Investment Initiative, scheduled to be held in Riyadh, Saudi Arabia, from October 24 to 26, and said that the President's participation will contribute to significantly strengthening the status and influence of the Future Investment Initiative.

 

At the State Luncheon held at the end of the Summit, President Yoon and Crown Prince Mohammed had a number of intimate conversations on issues of mutual interest, including industrial, social, cultural, and tourism, in an intimate atmosphere for about an hour, further strengthening the ties and trust between the two countries. The State Luncheon was also attended by the President's entourage.

 

The signing ceremony of agreements and MOUs that followed the State Luncheon took place in the presence of the President and Crown Prince Mohammed, and included the signing of an agreement on visa exemption for diplomatic and official passport holders, a memorandum of understanding (MOU) to establish the Korea-Saudi Strategic Partnership Council, the Hydrogen Oasis Cooperation Initiative, the Implementation Program on Cooperation in the Field of Statistics, and the MOU on Cooperation in the Field of Food and Medical Products.

 

In addition, a total of 60 MOUs and agreements in various fields will be signed on the occasion of the Korea-Saudi Investment Forum and the 50th anniversary of Korea-Saudi construction cooperation.