23-10-2023
Visit of South Korean President Yoon Seok-yeol to Saudi Arabia
South Korea and Saudi Arabia are in the final stage of talks on large-scale cooperation in the defense industry
South Korea and Saudi Arabia have reached the final stage of talks on wide-ranging defense industry cooperation in areas including anti-aircraft defense systems and firearms, a South Korean presidential official said on Sunday.
Principal Deputy National Security Advisor Kim Tae-hyo made the announcement to reporters while accompanying South Korean President Yeon-seok-yeol on a four-day state visit to Saudi Arabia.
“The defense industry stands out as a blue ocean in our cooperation with the Kingdom of Saudi Arabia,” he said. “Discussions for large-scale defense industry cooperation are in their final stage, involving various areas such as anti-aircraft defense systems and firearms.”
Kim added that the two sides are discussing defense industry cooperation programs, which are not one-time, but "long-term and systematic."
He said: “We intend to cooperate so that our weapons systems that use our excellent technologies in the defense industry will help enhance the defense capabilities of the Kingdom of Saudi Arabia, and this will serve as a solid force to continue expanding our achievements in defense industry exports,” noting that South Korea’s defense industry exports have reached an all-time high of $17.3 billion last year.
Earlier in the day, Yoon held a summit with Saudi Crown Prince Mohammed bin Salman and exchanged views on the conflict between Israel and Hamas, according to Kim.
"They stressed their agreement on the need to stop the deterioration of the humanitarian situation, and Yoon said that the Republic of Korea will play the required role and contribute to regional stability and the restoration of peace," Kim said.
He added that the two sides agreed to issue a joint statement summarizing their cooperation in all sectors and determining its future direction, and they are currently finalizing the text.
Saudi Arabia and South Korea signed a number of agreements and memorandums of understanding this Sunday evening in Riyadh, in the presence of Crown Prince Mohammed bin Salman and Korean President Yeon Suk-yeol, who is visiting the Kingdom for two days.
The agreements included the establishment of the Strategic Partnership Council between the two countries, the Hydrogen Oasis Initiative for cooperation in the field of green and clean hydrogen, and an agreement on mutual exemption from short-stay visa requirements for holders of diplomatic, private and official passports.
In addition to implementing a joint statistical cooperation program between the Saudi General Authority for Statistics and the Korean Statistics Authority, and a memorandum of understanding between the Saudi Food and Drug Authority and the Korean Ministry of Food and Drug Safety for cooperation in the fields of food and medical products.
Investment proceeds
The official Yonhap News Agency reported from President Yeol's office on Sunday that 51 agreements and memorandums of understanding, with a total value of approximately $15.6 billion, would be signed during his visit to Saudi Arabia.
In addition to official agreements, during the Korea-Saudi Investment Forum, which coincides with the 50th anniversary of the start of diplomatic relations between the two countries, a set of memorandums of understanding and partnerships will be signed between the Saudi and Korean private sectors, according to what Presidential Secretary for Economic Affairs Choi Sang-mook told the agency.
These agreements vary, and include the fields of automobiles, real estate development, water desalination, energy, renewable energy, green hydrogen, tourism, supply chains, food industries, pharmaceutical industries, transportation, infrastructure, technology, and cybersecurity, according to Al-Sharq’s correspondents in Riyadh. .
Ibrahim Al-Mubarak, Assistant Minister of Investment of Saudi Arabia, said in today’s speech that the Korea-Saudi Investment Forum last year witnessed the signing of 26 agreements worth $30 billion, bringing the total volume of agreements signed between the two countries in two years to more than $45 billion.
Shared vision
Saudi-Korean relations witnessed steady development over more than 5 decades, culminating in the launch of the “Saudi-Korean Vision 2030” in 2017, which included 40 projects and initiatives to establish partnership between the two countries in 5 fields: energy and manufacturing, smart infrastructure and digital transformation, and building... Capabilities, health care and life sciences, and investment, according to a report published by the Saudi Press Agency “SPA” on the occasion of the South Korean President’s visit to the Kingdom.
The Kingdom is the largest supplier of oil to South Korea, while the volume of trade exchange between the two countries in 2021 amounted to about 26.5 million dollars, and the trade balance recorded a surplus in favor of Saudi Arabia at a value of 19.6 million dollars.
The Kingdom also attracted 132 Korean investments, with a total capital exceeding $3 billion. On the other hand, 3 of the most prominent Saudi companies, Aramco, SABIC, and ACWA Power, have investments in South Korea with a capital of $6.35 billion.
