Yoon, Saudi crown prince agree to deepen bilateral strategic partnership
Korean President Yoon Suk Yeol, left, and Saudi Crown Prince Mohammed bin Salman hold summit talks at the Al Yamamah Palace in Riyadh on Oct. 22. Joint Press Corps
Korean President Yoon Suk Yeol and Saudi Crown Prince Mohammed bin Salman agreed to deepen and develop the strategic partnership between the two countries as they held a summit in Riyadh on Sunday, Yoon's office said.
The two leaders held talks at the Al Yamamah Palace on the second day of Yoon's four-day state visit to Saudi Arabia, which came as the two sides explore new areas of economic cooperation beyond the traditional sectors of construction and energy.
Yoon and Prince Mohammed "agreed to deepen and develop the future-oriented strategic partnership between the two countries," the presidential office said in a press release, referring to the partnership established last November during the Saudi leader's visit to Seoul.
The two leaders also welcomed the signing of a memorandum of understanding outlining the details of the "strategic partnership committee" they decided to establish during the November visit.
"Crown Prince Mohammed said he welcomed the president's state visit to Saudi Arabia, saying he intends to further develop practical cooperation with Korea, a main cooperation nation in Saudi Arabia's 'Vision 2030' national development strategy, in various areas, and hopes to communicate and cooperate more frequently with President Yoon Suk Yeol to this end," the presidential office said.
Saudi Vision 2030 is a road map overseen by the crown prince for moving the country away from an oil-centric economy.
During the summit, Yoon noted the practical achievements made between the two countries since last November, including the groundbreaking ceremony for the "Shaheen project," which aims to construct a large-scale petrochemical plant in the Korean city of Ulsan. The project is led by S-Oil, South Korea's No. 3 oil refiner in which Saudi Arabia's state-run oil giant, Saudi Aramco, holds the largest stake.
Yoon also requested that the crown prince and the Saudi government help Korean companies participate in mega development projects in the Arab nation, including Neom, Qiddiya and the Red Sea.
"The president said Korea is Saudi Arabia's optimal partner in the post-oil era, and that it is encouraging to see the bilateral relationship develop from the traditional areas of energy and construction to a cutting-edge industrial partnership that jointly produces cars and ships, and that he hopes cooperation will expand also to the areas of tourism and cultural exchange," the presidential office said.
The two leaders exchanged opinions on the security situation in the Middle East amid the growing instability surrounding the conflict between Israel and Hamas.
"The president said our government will offer necessary cooperation, including humanitarian assistance," his office said.
Yoon also said he hopes Saudi Arabia, as a key nation in the energy market and a crude oil exporter, will exercise its leadership for market stability amid increasing uncertainty in the global oil market, it said. (Yonhap)