Politics & News

Saudi, South Korea Issue Joint Statement at End of Riyadh Visit

Saudi Arabia and South Korea have issued a joint statement, marking the conclusion of South Korean President Yoon Suk Yeol’s state visit to Riyadh. The visit emphasized the long-standing diplomatic relationship and the broadening economic partnerships between the two nations. 

Historical Relations and Economic Ties:

Saudi Arabia and South Korea have shared diplomatic ties for over six decades and in recent years the relationship has become notably substantial. The countries commemorated the 60th anniversary of their diplomatic relations in 2022, marking it with a visit from Saudi Crown Prince Mohammed bin Salman to South Korea​. The economic relationship has flourished over time, with a striking 400-fold increase in trade volume since the establishment of relations in 1962​.

Key Agreements and Discussions:

During President Yoon Suk Yeol’s visit, both nations agreed to expand investments in various sectors, including hydrogen, smart cities, future transportation means, and emerging companies. They also welcomed the establishment of a joint fund worth $160 million and the decision to set up an automobile assembly plant in Saudi Arabia through a collaborative project between a Korean company and the Saudi Public Investment Fund. Another significant venture is a shipyard being constructed in the Eastern region of Saudi Arabia, slated for completion by June 2024​

Moreover, a remarkable 51 deals and Memorandums of Understanding (MoUs), amounting to a total value of $15.6 billion, were signed, reflecting the growing economic synergy between the two countries​

Political and Global Stance:

The joint statement also touched on global issues, particularly the Israeli-Palestinian conflict, where both nations reiterated their rejection of targeting civilians and stressed the importance of finding a political solution based on the two-state solution principle​.

Both countries acknowledged the pivotal role of the Saudi-Korean Joint Vision 2030 Committee in achieving the goals of Saudi Vision 2030, showcasing a mutual commitment to future collaborative endeavors​. 

Industrial Collaborations:

Saudi Aramco, the state-run oil giant, holds the most substantial stake in Korean oil refiner S-Oil, and the establishment of a $160 million joint venture capital fund further underscores the industrial collaboration between these nations​.

In summary, the South Korea-Saudi joint statement underlines the robust and growing relationship between the two nations across various domains including economic, political, and industrial spheres. Through President Yoon Suk Yeol’s state visit, both countries have evidently strengthened their bilateral ties and set a clear pathway for future cooperative ventures.

Related Topics: 

Saudi Arabia, South Korea Discuss Business & Project Collaborations

Saudi Arabia, South Korea: 6 Decades of Historical Ties”

Gaza: South Korean President Visits Saudi Arabia, Qatar

 

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