S. Korea, Saudi Arabia agree to boost economic, security cooperation

Oct 25, 2023, 07:39 am

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President Yoon Suk-yeol and Samsung Electronics Chairman Lee Jae-yong, who are on a state visit to Saudi Arabia, view the Neom exhibition hall in Riyadh, on October 23, 2023. / Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol and Saudi Arabia’s Crown Prince Mohammed bin Salman adopted a joint statement on Tuesday that calls for strengthening economic and security cooperation.

The joint statement between the two countries comes 43 years after ex-President Choi Kyu-ha’s visit to Saudi Arabia to secure crude oil during the second oil shock in 1980.

The statement, which calls for strengthening practical cooperation in almost all sectors, including trade, investment, construction, defense, energy, and culture, is expected to raise expectations for a second construction boom in Middle East. Analysts say that Yoon’s plan to break through the complex crisis facing South Korea through the Middle East expansion strategy is given a green light.

The joint statement, released by the presidential office, is comprised of 44 specific items of cooperation between Seoul and Riyadh. According to the statement, the two sides agreed to actively explore the expansion of mutual investments in areas of common interest including the hydrogen economy, smart cities, future mobility means and startups. They also agreed to continue cooperation for a swift conclusion of the Free Trade Agreement (FTA) negotiations. In addition to Neom Project, they will collaborate for the success of Saudi Arabia’s giga-projects, such as Qiddiya, the Red Sea Project, and other related infrastructure projects. They also agreed to continue cooperation in new areas such as smart farms.

Regarding energy cooperation, Prince Mohammed stressed that Saudi will continue to be the most reliable partner and exporter of crude oil supplies to meet the Republic of Korea’s oil demand.

The two sides also decided to expand defense cooperation to maintain international peace. Regarding the currently escalating situation between Israel and Palestine, the two sides rejected targeting civilians in any way, and agreed to work with the international community for the rapid and unimpeded delivery of humanitarian assistance to suffering humans. Targeting North Korea, the two sides condemned all forms of violations of Security Council resolutions related to combating the spread of weapons of mass destruction, including the pursuit of nuclear and ballistic programs as well as arms transfer that could destabilize the Korean Peninsula and the international community.

#South Korea #Saudi Arabia