[韓-사우디 경제협력]
Yun visits Saudi Arabia… Summit with Bin Salman
Signed 51 MOUs including energy and infrastructure… Binsalman added 40 trillion won during his visit to Korea last year.
“I look forward to deepening the relationship between the two countries”… Bin Salman “Development of cooperation in various fields”
President Yoon Seok-yeol, who is on a state visit to Saudi Arabia, said at a summit with Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman on the 22nd (local time) that “Korea is Saudi Arabia’s optimal partner in the post-oil era.” Through this summit, the two countries signed a memorandum of understanding (MOU) for export orders worth $15.6 billion (about 21 trillion won). Additional agreements were made separately from the 26 projects worth $29 billion (approximately 40 trillion won) that were signed during Crown Prince Muhammad’s visit to Korea in November last year. A contract for a joint crude oil storage project worth 5.3 million barrels was also signed between Korea National Oil Corporation and Aramco, Saudi Arabia’s state-run oil company. In a situation where the importance of energy security has increased significantly amid unstable situations such as the war between Israel and Hamas, the company has set out to secure a stable supply of crude oil through Saudi Arabia. At this summit, the leaders of the two countries also formed a consensus on expanding existing traditional energy cooperation to clean energy, hydrogen, infrastructure, and energy security, and overcoming the complex crisis with a ‘second Middle East boom’.
President Yoon, who is on a state visit to Saudi Arabia, held an official welcome ceremony, summit meeting, state luncheon, and exchange of agreements and memorandums of understanding at the Yamama Palace in Riyadh on this day and decided to deepen the future-oriented strategic partnership. Accordingly, four memorandums of understanding were signed under the presence of the two leaders, including the ‘Hydrogen Oasis Cooperation Initiative’, ‘Korea-Saudi Strategic Partnership Committee’, ‘Statistical Cooperation’, and ‘Diplomat Visa Exemption’. Including export and order-related agreements signed by the private sector, including energy and power, infrastructure and plants, high-tech industry and manufacturing, and new businesses, the number reaches 51. Regarding the progress of economic cooperation between the two countries, which was concluded following Crown Prince Mohammed’s visit to Korea in November last year, Senior Presidential Secretary for Economic Affairs Choi Sang-mok said, “In less than a year, more than 60% of the $29 billion is being visualized as concrete projects.”
At the Korea-Saudi Investment Forum on this day, Hyundai Motor Group and Saudi Arabia’s sovereign wealth fund signed a contract to establish an automobile assembly plant in Saudi Arabia through a joint investment of $400 million (about 540 billion won). Chief Choi said, “We plan to mass produce 50,000 electric vehicles and internal combustion vehicles per year starting in 2026,” and expected, “It will become a base for entry into the Middle East and North African markets.” Cooperation in blue ammonia production was also signed between KEPCO, POSCO Holdings, Lotte Chemical, and Aramco.
At the summit, President Yoon and Crown Prince Mohammed also exchanged opinions regarding the situation in the Middle East, where instability is increasing due to the armed conflict between Israel and Hamas. President Yoon said, “Our government will also provide necessary cooperation, including humanitarian support.”
President Yoon then said, “This year is a meaningful year as it marks the 50th anniversary of our company entering Saudi Arabia, and I look forward to further deepening the relationship between the two countries through this state visit.” The President’s Office reported that Crown Prince Mohammed responded by saying, “I would like to further develop substantive cooperation in various fields with Korea, a key cooperation country in Saudi Arabia’s national development strategy ‘Vision 2030’.”
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Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.