Yoon aims to diversify bilateral cooperation with Saudi visit

Diplomacy

Published: 22 Oct. 2023, 17:26 Updated: 22 Oct. 2023, 17:48

Yoon aims to diversify bilateral cooperation with Saudi visit

Korean President Yoon Suk Yeol, third from left, first lady Kim Keon Hee and the presidential entourage arrive on Air Force One, escorted by Saudi fighter jets, at King Khalid International Airport in Riyadh for a state visit to Saudi Arabia on Saturday evening. They were greeted by an honor guard and Saudi officials, including Prince Mohammed bin Abdulrahman bin Abdulaziz, deputy governor of Riyadh. [JOINT PRESS CORPS]

President Yoon Suk Yeol said his state visit to Saudi Arabia will expand cooperation between the two countries beyond construction and infrastructure to sectors such as energy, investment and culture.

In an interview with the Saudi daily Al Riyadh published Sunday, Yoon underscored Korea's support for Saudi Arabia's Vision 2030, an effort to reduce the country's reliance on oil, with plans to share its "economic development know-how and experience" and capabilities of its "excellent companies."

On Saturday, Yoon began a two-country, six-day trip for state visits to Saudi Arabia and Qatar to focus on strengthening economic and security cooperation with the two Middle Eastern countries.

Yoon was set to hold a summit with Saudi Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Sunday afternoon, an opportunity to strengthen energy and construction cooperation further and also discuss regional security matters. The summit would include a welcome ceremony, a state luncheon and the signing of memoranda of understanding (MOU).

"Saudi Arabia is a key partner for Korea's economy and energy security, and it is the right time to take the relationship between the two countries to a new level," Yoon said in the interview ahead of this summit.

The trip comes during heightened tensions in the Middle East amid the ongoing war between Israel and the militant group Hamas, an issue expected to be discussed during the meeting.

Noting that international security instability is deepening due to North Korea's nuclear and missile provocations, the armed conflict between Israel and Hamas and the war in Ukraine, Yoon told the Al Riyadh the summit will "be an opportunity for the two countries to exchange opinions on how to contribute together to world peace and sustainable development."

Saudi Arabia "has maintained a firm stance supporting nuclear non-proliferation on the international stage," he said, adding that "South Korea seeks to actively cooperate with Saudi Arabia in blocking North Korea's nuclear and missile provocations and development" and work with the international community to freeze funds for the regime's weapons programs.

Yoon pointed out that Saudi Arabia accounts for nearly 20 percent of South Korea's total overseas construction orders, making it the largest overseas market for Korean construction companies.

He noted that Hyundai Engineering & Construction built the Saudi Interior Ministry building in Riyadh and stressed that "construction and infrastructure have been major areas of cooperation between the two countries for a long time."

Yoon said, "Korean companies will become good partners in the process of Saudi Arabia's construction of future cities like NEOM," to Saudi Arabia's megacity project.

Korean companies have been keen on winning construction deals with Saudi Arabia as it seeks partners for NEOM, the crown prince's $500 billion urban project first proposed in 2017 to build a sustainable smart city in its northwestern province of Tabuk along the Red Sea.

Saudi Arabia is the largest supplier of crude oil to South Korea, said Yoon, adding that such a stable supply has contributed to the economic development of both countries.

Yoon highlighted the potential for the two countries to cooperate in climate change response and the transition to a carbon-neutral era, noting that they are diversifying their traditional energy cooperation to renewable energies and hydrogen economy.

The summit was also expected to focus on developing cooperation in areas including electric vehicles, shipbuilding and smart farms.

The Saudi crown prince visited Seoul in November last year for a summit with Yoon, where they agreed to develop further the bilateral relationship to a "future-oriented strategic partnership."

During his visit, the two countries' companies signed 26 MOUs on projects worth some $29 billion in fields including infrastructure, construction and energy. Crown Prince Mohammed was the first foreign guest invited to the new presidential residence in Hannam-dong in Yongsan, central Seoul.

Korea and Saudi Arabia established bilateral relations in 1962, celebrating the 60th anniversary of ties last year.

"This visit is an extension of the [crown prince's] visit to Korea in November, and we plan to discuss ways to solidify the partnership between the two countries further and promote cooperative projects more systematically," Yoon said in the interview. "If we combine Saudi Arabia's potential with Korea's technology, the possibilities for complementary cooperation are endless."

"Korea will be the optimal partner for Saudi Arabia to transform into a country with digital science and technology industries in the post-oil era," Kim Eun-hye, senior presidential secretary for press affairs, said in a press briefing Sunday. "The two countries are developing through a so-called high-tech industry partnership."

Korean President Yoon Suk Yeol second from left, speaks with Prince Mohammed bin Abdulrahman bin Abdulaziz, second from right, after arriving with first lady Kim Keon Hee, left, at King Khalid International Airport in Riyadh, Saudi Arabia, Saturday. [JOINT PRESS CORPS]

On Saturday, Yoon and first lady Kim Keon Hee arrived in Riyadh for a four-day visit, and two Saudi F-15 fighter jets escorted Korea's Air Force One as it entered Saudi Arabian airspace. When the presidential couple disembarked from the jet at King Khalid International Airport, they were greeted by a purple carpet and an honor guard who fired a 21-gun salute.

Saudi officials, including Prince Mohammed bin Abdulrahman bin Abdulaziz, deputy governor of Riyadh Region, greeted Yoon's entourage at the airport.

Yoon was later scheduled to attend a Korea-Saudi Arabia investment forum attended by 300 businesspeople from both countries.

During the trip, Yoon will also attend a technology forum and give a lecture to students at King Saud University in Riyadh.

The trip is expected to be an occasion for the two countries businesses to sign dozens of MOUs in various fields, including energy, high-tech industries, finance and culture.

For his state visit to Saudi Arabia, Yoon was accompanied by a 130-member business delegation. A 59-member business delegation will accompany him to Qatar.

Over Tuesday and Wednesday, Yoon will make a state visit to Qatar and hold a summit with Qatari Emir Sheikh Tamim bin Hamad Al Thani in Doha.

Yoon will be the first Korean president to make state visits to the two countries.

Yoon will return to Korea on Thursday.

Korean President Yoon Suk Yeol, center left, and first lady Kim Keon Hee watch a traditional sword dance in the historic town of Diriyah Saturday, during their four-day state visit to Saudi Arabia. [JOINT PRESS CORPS]

BY SARAH KIM [kim.sarah@joongang.co.kr]