The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Korea's Coast Guard apprehends 22 Chinese after illegal entry attempt

  • 3

    Ruling party vows to investigate China's alleged influence operations

  • 5

    TREASURE takes flak for excluding Dokdo from its Japan tour map

  • 7

    Block Party returns to Yongsan for 2nd year

  • 9

    Koreans' happiness rising slowly but surely: presidential panel

  • 11

    Korea crashes out of medal contention in men's basketball

  • 13

    Korean shipbuilders seek lead over Chinese rivals in selling LNG carriers to Qatar

  • 15

    Traffic on major expressways eases on final day of holiday

  • 17

    Dong-A Socio Group’s honorary chairman passes away at 96

  • 19

    Lawmakers want chairmen of financial firms held accountable over misconduct

  • 2

    Public transit fares to increase in Seoul and Busan this week

  • 4

    Genesis GV80 Coupe looks to compete with Mercedes-Benz, BMW

  • 6

    Korean steelmakers on alert over initiation of EU carbon border tariff

  • 8

    SEVENTEEN's unique approach to artistry: A deep dive into self-production and collaboration

  • 10

    Pilot dead after civilian helicopter crashes into reservoir in Pocheon

  • 12

    Korea wins gold medal in men's team Go

  • 14

    30 out of 74 major financial companies lack female board member

  • 16

    Hyundai, Kia to extend earnings rally on strengthening dollar, solid sales

  • 18

    Dream-pop band Nice Legs revisits Korea for Block Party

  • 20

    Gender ministry to expand educational support for children of multicultural families in 2024

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Thu, October 5, 2023 | 04:31
S. Korea, Saudi Arabia seek stronger partnership for Vision 2030
Posted : 2022-11-17 16:53
Updated : 2022-11-18 09:31
Nam Hyun-woo
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
President Yoon Suk-yeol and Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman take a walk after their meeting at the former's residence in Seoul, Thursday. Courtesy of South Korean presidential office
President Yoon Suk-yeol and Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman take a walk after their meeting at the former's residence in Seoul, Thursday. Courtesy of South Korean presidential office

Two nations sign 26 MOUs in various fields including infrastructure, energy

By Nam Hyun-woo

President Yoon Suk-yeol and Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman agreed on the importance of bilateral economic partnership to move the kingdom's ambitious Vision 2030 initiative forward during their meeting in Seoul, Thursday.

The Saudi crown prince arrived in South Korea on Wednesday after attending the G-20 Summit in Bali, Indonesia. Before meeting Yoon, the crown prince held a flurry of meetings with South Korean government officials and business leaders to discuss ways to deepen the two countries' economic partnership, which was followed by business deals worth up to 40 trillion won ($30 billion).

During the meeting, Yoon said Saudi Arabia stands as South Korea's largest trading partner in the Middle East and is one of the key companions of Seoul's economic and energy security, while it is the right time to upgrade bilateral relations as the oil-rich country is paving its way into the future through the crown prince's Vision 2030 initiative. That vision charts the Middle Eastern country's future away from an oil-centric economy.

Prince Mohammed said South Korean companies made great contributions to the development of Saudi Arabia's infrastructure, and that he wants to enhance cooperation between the two countries, specifying the fields of energy, defense and infrastructure, according to the South Korean presidential office.

The last time the crown prince visited Seoul was in 2019 to discuss the two countries' partnership in Vision 2030. The crown prince also had a meeting with Yoon's predecessor, Moon Jae-in, when he visited Saudi Arabia in January of this year.

As part of Vision 2030, Saudi Arabia is seeking partnerships with the South Korean government and companies for Neom, a $500 billion (657 trillion won) project the crown prince initiated in 2017. The project aims to develop eco-friendly and smart cities covering a total of 26,500 square kilometers in Saudi Arabia's northwestern Tabuk Province near the Red Sea.

Chaebol chiefs meet Saudi crown prince to seek lucrative deals in oil-rich nation
Chaebol chiefs meet Saudi crown prince to seek lucrative deals in oil-rich nation
2022-11-17 21:23  |  Companies
Saudi crown prince's luxurious lifestyle at a glance
Saudi crown prince's luxurious lifestyle at a glance
2022-11-17 14:21  |  Foreign Affairs

Before Yoon's meeting with the crown prince, South Korea and Saudi Arabia signed 26 MOUs, whose combined value is assumed to surpass 40 trillion won.

The MOUs encompassed South Korean companies' participation in the railway infrastructure of the Neom project and the kingdom's other massive projects involving the areas of construction, petrochemicals, agriculture and energy.

President Yoon Suk-yeol and Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman take a walk after their meeting at the former's residence in Seoul, Thursday. Courtesy of South Korean presidential office
President Yoon Suk-yeol, second from right, speaks during his meeting with Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman, second from left, at the former's residence in Seoul, Thursday. Courtesy of South Korean presidential office

During his meeting with the South Korean president, Prince Mohammed noted that he wants the two countries to cooperate to develop hydrogen energy, carbon capture technology and nuclear power, including small modular reactors (SMRs).

SMRs are touted as the next generation of nuclear reactors, defined by safer and simpler designs and construction method despite a lower power generation capacity.

Saudi Arabia is looking for a builder for its nuclear power plant project involving two 1.4-gigawatt reactors by 2030. With South Korea, France, China and Russia showing their intent to participate in the 12 trillion won project, the competition is now viewed as a two-way race between South Korea's Korea Electric Power Corp. and Russia's Rosatom.

Although the crown prince's reference is interpreted as a positive sign for South Korea's bid to bag nuclear power contracts from Saudi Arabia, the kingdom's relations with the U.S. is casting uncertainties.

Currently, the U.S. is saying that South Korea's flagship nuclear reactor, APR-1400, uses key technologies of Westinghouse Electric Company. Thus the reactor's export should be approved by the firm and the U.S. Department of Energy. Although this remains as a disputable matter, industry officials say Saudi Arabia's relations with the U.S. may affect Seoul's efforts to win nuclear power contracts.

A Seoul-Washington agreement on nuclear reactors also remains as a setback. Last year, South Korea and the U.S. agreed to join forces to export nuclear reactors and to demand an importing country to sign an additional protocol of its safeguard arrangements with the International Atomic Energy Agency (IAEA), which allows the agency to increase its verification capability in the importing country.

Currently, Saudi Arabia has not signed an additional protocol in its attempt to hold Iran's nuclear development attempt in check.

Saudi Arabia is South Korea's largest trading partner among Middle East nations, with trade between the two countries reaching $27.6 billion last year. Saudi Arabia is also the largest oil exporter to South Korea, accounting for 29.3 percent of crude oil that Seoul imported last year.




Emailnamhw@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
LG
Top 10 Stories
1POSCO Future M, LG Chem, EcoPro BM hit by plunging lithium, nickel prices POSCO Future M, LG Chem, EcoPro BM hit by plunging lithium, nickel prices
2Gangnam gears up for festival showcasing various K-culture events Gangnam gears up for festival showcasing various K-culture events
3North Korea lays groundwork for US disarmament talks: experts North Korea lays groundwork for US disarmament talks: experts
4South Korea to found cyberwarfare reserve forces in 2025 South Korea to found cyberwarfare reserve forces in 2025
5Samsung targets mid-range market with affordable S23 FE Samsung targets mid-range market with affordable S23 FE
6Bank of Korea takes first step to adopt centralized digital currency Bank of Korea takes first step to adopt centralized digital currency
7Seoul's parks abuzz with fall festivals Seoul's parks abuzz with fall festivals
8Task force planned to prevent opinion-rigging on Daum portal Task force planned to prevent opinion-rigging on Daum portal
9Seoul to invest W5 tril. to become fintech powerhouse Seoul to invest W5 tril. to become fintech powerhouse
10Seoul stocks tumble on concerns over Fed's prolonged monetary tighteningSeoul stocks tumble on concerns over Fed's prolonged monetary tightening
Top 5 Entertainment News
1Crime thriller, romance series set to roll out in October Crime thriller, romance series set to roll out in October
2Korean literature featured as animation works at Incheon Airport Korean literature featured as animation works at Incheon Airport
3[PHOTOS] Kep1er returns with 'Magic Hour' to mesmerize fans PHOTOSKep1er returns with 'Magic Hour' to mesmerize fans
428th BIFF opens with star-studded red carpet event28th BIFF opens with star-studded red carpet event
5TREASURE takes flak for excluding Dokdo from its Japan tour map TREASURE takes flak for excluding Dokdo from its Japan tour map
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group