The Saudi crown prince meets the president of South Korea, the second stop on his tour

South Korea’s presidential palace said President Yoon Sok Yul expressed his hopes to Saudi Crown Prince Mohammed bin Salman on Thursday that the two countries will expand cooperation in the fields of infrastructure, defense industries and other sectors, and described the Kingdom as an important partner for his country in the economy and energy security.

The two sides held a bilateral meeting in Seoul as part of a visit by the crown prince to Asia’s fourth-largest economy, where the Saudi crown prince has arrived. Yesterday in Seoul, the second stage of his Asian tour.

For his part, the Saudi Crown Prince said Riyadh hopes to expand cooperation with South Korea in accordance with the Development Plans and Vision 2030, adding, “We seek cooperation with South Korea in the areas of hydrogen production and of carbon reduction”. He also said that the kingdom is trying to cooperate with South Korea in small nuclear reactor technologies.

Prince Mohammed bin Salman added: “We seek cooperation with South Korea to improve defense capabilities.” The Saudi crown prince said the kingdom was looking forward to accelerating the pace of investment coordination and strengthening the partnership between the public and private sectors in the two countries.

The Saudi Crown Prince indicated the Kingdom’s continued desire to step up consultation and coordination with Korea in order to realize ambitious economic aspirations and build a better future for the region and the world in light of the grand challenges the world is experiencing. He also praised the close cooperation between the Kingdom and South Korea, stressing that the results of the joint committees between the two countries will be followed with great interest.

The Saudi crown prince has also expressed his support for South Korea’s policy towards North Korea, and denounced Pyongyang-conducted missile tests, the presidential palace in South Korea reported.

South Korean Prime Minister Han Dak-soo welcomed the Saudi crown prince on his arrival in the South Korean capital yesterday. And Prince Mohammed bin Salman held his arrival Talks session with the Korean Prime Minister During which the perspectives of bilateral cooperation and ways to develop and enhance it in various fields were discussed.

It must be Important economic dossiers are on the agenda of the visit, in the presence of important Korean companies and businessmen In order to discuss investment opportunities in Saudi Arabia.

Witness the visit of the Saudi Crown Prince Signing economic agreements and partnerships between Saudi and Korean companies in various fieldsWith the expectation of attracting more Korean investment to the Kingdom.

South Korea is the second stop on Prince Mohammed bin Salman’s Asian tour, which includes a number of countries, during which he will meet their leaders and some of their officials. To discuss bilateral relations and discuss issues of common interest.

Indonesia was the previous stop, as the Saudi crown prince led his country’s delegation to the G20 leaders’ summit, which was held in Bali.

Saudi Arabia and South Korea have enjoyed strong relations characterized by harmony and coordination at all political and economic levels, including over the past six decades.

Since its inception in 1962, the two countries have had important achievements at all levels, as evidenced by the joint relations, since their inception, agreements and memoranda of understanding, which have contributed to making Saudi Arabia one of the first partners South Korea’s trade in the Middle East region, the most important of which was the establishment of the Saudi-Korean Joint Committee.

While the launch of the “Saudi-Korean Vision 2030” in 2017 was a major turning point to establish a phase of increased partnership in strategic sectors, including transport, energy and communications, as South Korea aims to be one of the most important contributing to the realization of Saudi Vision 2030.

In the year 2021, the volume of trade between Saudi Arabia and South Korea amounted to approximately 26 billion dollars, while the trade balance recorded a surplus in favor of Saudi Arabia, equal to 19 billion dollars.

In terms of investment, several Saudi companies operate in the Korean market, the most important of which is Saudi Aramco investment, which operates through four projects and two companies worth more than five billion dollars, and also “SABIC” which operates with an investment volume of one billion dollars.

On the other hand, Korean investments in Saudi Arabia rose to 132, with a total capital exceeding three billion, in sectors such as mining, electricity and gas.