President Yoon Suk Yeol on Oct. 22 holds an expanded summit with Saudi Crown Prince and Prime Minister Mohammed bin Salman at Al Yamamah Palace in Riyadh, Saudi Arabia. (Kim Yong Wii from Office of the President)

By Lee Jihae

President Yoon Suk Yeol, on a state visit to Saudi Arabia, on Oct. 22 held summit talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman on bilateral cooperation.

 
The Office of the President in Seoul said on their talks at Al Yamamah Palace in Riyadh, "Both countries expressed their strong intent to deepen and develop their future-oriented strategic partnership."

"I am delighted to make a state visit to Saudi Arabia less than a year after the trip by Saudi Crown Prince Mohammed to Korea in November last year," President Yoon said. "Because this year marks the meaningful year of the 50th anniversary of our corporate entry into Saudi Arabia, we look forward to further reinforcing bilateral ties through this state visit."

The prince welcomed President Yoon's state visit and said, "We plan to further develop practical cooperation in a range of fields with Korea, a key partner country for the Saudi national development strategy Vision 2030."

During their talks, both leaders welcomed the signing of a memorandum of understanding (MOU) on a strategic partnership committee that both sides agreed to form on the occasion of the prince's visit to Korea last year.

President Yoon hailed the impressive working-level results achieved since the prince's visit to Korea, mentioning the Korean company S-Oil's groundbreaking ceremony for the Shaheen project in March, setup of a bilateral fund worth USD 160 million in June for venture investment, and opening of a global business center in Riyadh during the president's trip to support Korean small and medium companies entering the Saudi market.

"In a major achievement marking the 50th anniversary of the entry into Saudi Arabia by Korean builders, Hyundai Engineering & Construction in June won a contract for the Amiral project to build a petrochemical plant," the president added. 

He also asked the prince and the Saudi government to pay attention to Korean companies seeking to participate in mega-size projects like the Neom new urban area, Qiddiya entertainment, sports and culture hub, and development of land, property and tourism around the Red Sea.

The two leaders also attended a signing ceremony for bilateral MOUs and agreements right after their summit and signed five on visa exemption for holders of diplomatic or official passports, forming the strategic partnership committee, and cooperation in a hydrogen oasis initiative, statistical program, and food and medical products. 

At a state luncheon, President Yoon and Crown Prince Mohammed discussed topics of mutual interest for both countries in fields like economy, society and culture. 

jihlee8@korea.kr