Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Yoon pledges full support for Saudi's Vision 2030 ambitions
President Yoon Suk Yeol arrives at King Khalid International Airport in Riyadh, Saudi Arabia, for a state visit to the kingdom. Next to Yoon is Riyadh Deputy Governor Mohammed bin Abdulrahman bin Abdulaziz. Joint Press Corps
By Nam Hyun-woo
President promotes Korean firms' participation in Saudi projects
President Yoon Suk Yeol expressed hopes for the participation of South Korean businesses in Saudi Arabia’s Vision 2030 for economic diversification, stressing the synergistic potential between Seoul’s technology and Riyadh’s growth potential.
Yoon made the remark in a written interview with the Saudi newspaper, Al Riyadh, published on Sunday. He arrived in Riyadh early on Sunday for a state visit to the kingdom.
“If Saudi Arabia’s growth potential and South Korea’s technology are combined, there are unlimited opportunities for complementary partnerships,” Yoon said.
“Based on knowhow and experiences concerning economic development and South Korean firms’ technological prowess, South Korea will contribute to Saudi Arabia’s effective realization of Vision 2030.”
Saudi Vision 2030 is a road map overseen by Saudi Crown Prince and Prime Minister Mohammed bin Salman aimed at lowering the kingdom’s economic reliance on oil and moving on to future growth industries.
Yoon said he highly evaluated Vision 2030 and the country’s growth potential, citing its young population, with the two countries’ economic partnerships already expanding into various industrial fields after the two sides signed multiple contracts and memoranda of understanding (MOUs) worth $29 billion on the occasion of Prince Mohammed’s visit to Seoul in November last year.
“South Korea is one of the main cooperation nations for realizing Saudi Arabia’s Vision 2030, and I believe our cooperation will increase in various areas, including construction, infrastructure, energy, investment and culture,” Yoon said.
Yoon said that Riyadh is the biggest construction market for South Korean builders, accounting for nearly 20 percent of their total overseas construction orders, and he believes Korean firms will be a good partner for Saudi Arabia’s construction of NEOM smart city.
In line with this, Samsung Electronics Executive Chairman Lee Jae-yong visited Saudi Arabia earlier this month. Samsung’s construction unit, Samsung C&T, is participating in the construction of an underground railway, a key transportation and logistics tool for NEOM.
Including Lee, Hyundai Motor Group Executive Chair Chung Euisun, GS Group Chairman Huh Tae-soo and other leaders of conglomerates joined Yoon’s Saudi visit.
An F-15 fighter jet from the Royal Saudi Air Force escorts South Korea's presidential jet en route to Riyadh, Saudi Arabia, Saturday (local time). Yonhap
Yoon noted that the potential for the two countries’ partnerships is also significant in the fields of the hydrogen value chain or renewable energy, adding that he seeks government-level consultation for those sectors.
In regards to geopolitical issues, Yoon said he wants to proactively cooperate with Saudi Arabia in deterring North Korea’s nuclear and missile ambitions, given Riyadh’s firm support of nuclear non-proliferation.
Yoon noted in the interview that his state visit will be “a venue” for exchanging opinions on how the two countries can contribute to world peace and sustainable growth, amid the North’s nuclear and missile provocations, the conflict between Israel and Hamas and the war in Ukraine. However, the interview did not reveal whether Yoon made additional comments on the Israel-Hamas conflict.
Yoon’s visit marks the South Korean president’s first state visit to Saudi Arabia. To welcome Yoon, two F-15 fighter jets from the Royal Saudi Air Force provided an escort for Yoon’s presidential jet. Yoon will leave Riyadh on Wednesday and make a state visit to Qatar.