Saudi Gazette report

RIYADH — In a groundbreaking collaboration, Saudi Arabia and South Korea have paved the way for future success through innovation and strategic investments.

A joint statement was issued marking the conclusion of President Yoon Suk Yeol's state visit to Saudi Arabia, emphasizing the shared commitment to strengthen economic ties between the two nations.

The statement highlighted key areas of collaboration, underscoring the determination to broaden cooperation in various sectors.

Deepening strategic partnership

During the visit, Crown Prince and Prime Minister Mohammed Bin Salman and President Yoon engaged in detailed discussions on the development of bilateral relations, regional issues, and global affairs.

Both sides expressed satisfaction with the positive outcomes following Crown Prince Mohammed Bin Salman's visit to South Korea in 2022. To solidify their strategic ties, an MOU was signed to establish the Strategic Partnership Council, aiming to coordinate joint projects effectively.

President Yoon affirmed South Korea's steadfast support for Saudi Arabia's Vision 2030, acknowledging the progress made under Crown Prince Mohammed Bin Salman's leadership. Both nations reiterated their commitment to the Saudi-Korean Vision 2030 Committee, emphasizing its vital role in advancing shared objectives.

Economic cooperation and investments

The two sides celebrated the remarkable growth in trade volume and economic cooperation since the establishment of diplomatic ties in 1962. Recognizing the potential for further expansion, they agreed to explore mutual investments in areas such as the hydrogen economy, smart cities, future mobility, and startups.

During President Yoon's state visit, the Saudi-Korean Investment Forum 2023 took place, fostering in-depth discussions and opportunities for cooperation. Investments in the manufacturing sector, including an automotive factory and a shipyard, were highlighted as successful outcomes.

To support economic cooperation, both nations pledged to encourage companies and investors by providing opportunities, facilities, and addressing challenges faced by the private sector. Initiatives like the Joint Fund and collaborations in the fields of small and medium-sized enterprises (SMEs) and startups were commended for their role in fostering innovation.

The conclusion of a Free Trade Agreement (FTA) between South Korea and the GCC countries was deemed crucial for enhancing bilateral trade and facilitating economic cooperation in various fields.

Strategic cooperation in various fields

The joint statement emphasized the importance of bolstering cooperation in construction and infrastructure. Notable projects, such as the Amiral Project secured by a Korean company, highlighted the depth of collaboration. Future endeavors include joint efforts on Saudi Arabia's giga-projects like Qiddiya, the Red Sea Project, ROSHN, Diriyah, and other related infrastructure projects.

Both nations acknowledged the need for continued cooperation in areas such as defense, defense industry, and combating terrorism. The statement expressed a shared commitment to enhance coordination on security issues and combat crimes and extremism.

Energy and climate change collaboration

Recognizing the importance of energy stability, both nations emphasized their strategic cooperation in various energy fields. A joint crude oil storage project contract was signed during President Yoon's visit, strengthening their collaboration in the energy sector.

The two sides highlighted their commitment to addressing climate change and supporting initiatives such as the Hydrogen Oasis Initiative (H2Oasis). Both nations expressed their dedication to achieving carbon neutrality goals and welcomed each other's efforts in this regard.

Cultural exchanges, tourism, and future generations

The joint statement highlighted the success of Saudi Arabia's progress under Vision 2030 and the growing popularity of Korean culture in the Kingdom. Both sides expressed a commitment to enhancing mutual understanding between future generations and promoting the teaching and learning of Arabic and Korean languages.

The two nations emphasized the importance of expanding cooperation in the fields of transportation, logistics, and tourism. They welcomed the signing of an Agreement on the Mutual Exemption of Short Stay Visa Requirements, facilitating people-to-people exchanges.

Diversifying cooperation into new areas

The joint statement celebrated the close cooperative relationship in intellectual property and statistics. Both nations expressed keenness to enhance cooperation and coordination in supporting global health initiatives, including addressing pandemics and health challenges.

In the field of infrastructure, the establishment of the Korea-Saudi Infrastructure Cooperation Center was recognized as a milestone for future collaboration. The two sides also expressed their commitment to expanding cooperation in shipping, ports, and smart agriculture.

International and regional peace and security

Both nations reaffirmed their commitment to coordination and intensified efforts for international peace and security. The joint statement addressed various regional and global issues, expressing support for initiatives promoting stability in the Middle East, resolving conflicts, and supporting global efforts against the spread of weapons of mass destruction.

In conclusion, President Yoon expressed gratitude for the warm reception, and Crown Prince Mohammed Bin Salman noted the significance of the visit in strengthening bilateral cooperation. Both leaders affirmed their commitment to regular meetings to further develop the Future-oriented Strategic Partnership.

The joint statement reflects the shared vision and commitment to advancing economic, cultural, and strategic ties between Saudi Arabia and South Korea.