Saudi, S. Korea economic ties growing as Kingdom recognizes potential: Prez. Yoon

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Saudi Arabia is among the first countries to trust and recognize the potential of South Korea, President Yoon Suk Yeol said in a speech at the Future Investment Initiative summit in Riyadh on Tuesday.

As a result, the economic bilateral relations between the two countries are expanding, Yoon added.

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“We want to expand the scope of relationship with the Kingdom of Saudi Arabia,” he said, adding that high level exhanges are important.

Saudi Arabia’s Crown Prince Mohammed bin Salman was present during the South Korean President’s keynote at the three-day event dubbed ‘Davos in the desert’ after the annual World Economic Forum (WEF) summit in Switzerland.

Yoon is on a four-day official visit to the Kingdom, where furthering ties and establishing stronger partnerships were discussed with MBS.

“I could feel the passion for Saudi projects and industrialization,” he said to a packed audience at FII. “Vision 2030 is not just for industrialization but encompasses culture and private sector,” he added, mentioning Saudi Arabia’s near-decade-long plan to diversify its oil-dependent economy.

The event itself is an extension of the Kingdom’s diversification plans by hosting changemakers and discussing partnerships and policy for and in a rapidly evolving landscape. The current edition is themed “The New Compass.”

Numerous policymakers, CEOs, and heads of multilateral institutions are among those who are attending this year. Over 5,000 attendees are expected, with 500 speakers, according to information furnished by the organizers, discussing various 21st-century developments and concerns.

The two leaders met on Sunday at al-Yamamah Palace and signed numerous agreements.

The agreements included encompassing the establishment of a Strategic Partnership Council, the Hydrogen Oasis Initiative to promote green hydrogen cooperation, a visa exemption for diplomatic passport holders, joint statistical cooperation between respective statistical authorities, and a memorandum of understanding to enhance cooperation in the fields of food and medical products.

The state visit came nearly a year after the Saudi Crown Prince visited South Korea and discussed cooperation in the areas of energy, defense, and infrastructure construction, signing investment pacts worth $30 billion with Korean firms.

Read more:

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