By Yi Whan-woo
Koreas is Saudi Arabia’s strategic partner for the latter’s Vision 2030 economic reform plan, and this makes bilateral cooperation more important than ever on the 88th founding anniversary of the Middle Eastern country, according to Riyadh’s top envoy to Seoul.
“The Saudi-Korean bilateral relations are a model of relations among nations,” Saudi Arabian Ambassador to Korea Riyad Almubaraky said during a recent anniversary reception in Seoul.
He referred to Korea being Saudi Arabia’s fifth-largest trading partner and the latter being the former’s largest crude oil supplier as well as the largest market in the Middle East.
He especially underscored industrial cooperation. He claimed there were “significant activities and achieved notable progress” in 16 of 40 joint projects that were chosen under the framework of Vision 2030.
“Both leaders of the two friendly countries have common interests and desires to strengthening relations and developing cooperation to achieve, promote and serve the common interests of the two countries and their peoples and contribute to regional security, stability and world peace,” the envoy said. “I sincerely wish the two countries and the two friendly peoples continued prosperity, security and stability.”
Vision 2030 is Crown Prince Mohammed bin Salman’s signature project aimed at shifting away from oil dependency, diversifying the economy and transforming the kingdom into a Middle East hub for trade and commerce, possibly by 2030.
It also seeks to develop public service sectors including health, education and infrastructure and offer better welfare as part of its efforts to overhaul the administrative system.
“The kingdom is experiencing a qualitative renaissance despite regional and international developments and challenges,” the ambassador said.
Saudi Arabia and Korea established their ties in 1962.
The trade volume between the two countries amounted to $26 billion in 2017 and to $17 billion between January and July, according to the embassy.