Korean and Saudi leaders agree to deepen 'strategic partnership' in summit

Korean President Yoon Suk Yeol and Saudi Crown Prince and Prime Minister Mohammed bin Salman agreed to deepen and develop the “future-oriented strategic partnership” between the two countries during a bilateral summit in Riyadh on Sunday.

Korean President Yoon Suk Yeol, right, and Saudi Crown Prince Mohammed bin Salman head toward a memorandum of understanding signing ceremony after their bilateral summit at the Al Yamamah Palace in Riyadh on Sunday. [JOINT PRESS CORPS]

Korean President Yoon Suk Yeol and Saudi Crown Prince and Prime Minister Mohammed bin Salman agreed to deepen and develop the "future-oriented strategic partnership" between the two countries during a bilateral summit in Riyadh on Sunday.

Yoon and first lady Kim Keon Hee were greeted by an honor guard at an official welcoming ceremony at the Al Yamamah Palace earlier that day during the first state visit by a Korean president to Saudi Arabia.

The summit came as an opportunity to expand economic cooperation to sectors beyond construction and energy and was followed by a state luncheon.

"Korea is Saudi Arabia's optimal partner in the post-oil era," Yoon said in the summit, according to the presidential office. "It is encouraging to see the bilateral relationship develop from the traditional sectors of energy and construction to a cutting-edge industrial partnership that jointly produces automobiles and ships, as well as cooperation in the areas of tourism and cultural exchanges."

Crown Prince Mohammed said he welcomed Yoon's state visit to his country and would like to "further develop substantive cooperation in various fields with Korea, a key partner country in Saudi's Vision 2030 national development strategy, the presidential office said. Vision 2030 is a blueprint for Saudi Arabia to diversify its economy and reduce its reliance on oil.

The prince said he will communicate more frequently with Yoon to this end.

"I look forward to further deepening the relationship between our two countries," Yoon said, according to his office, noting that this year is especially meaningful as it marks the 50th anniversary of Korean companies' entry into Saudi Arabia.

Korean President Yoon Suk Yeol, left, and Saudi Crown Prince Mohammed bin Salman hold a bilateral summit at the Al Yamamah Palace in Riyadh on Sunday. [JOINT PRESS CORPS]

The two leaders also welcomed signing a memorandum of understanding (MOU) outlining the details of the "strategic partnership committee" they decided to establish during Crown Prince Mohammed's visit to Seoul in November last year for a summit with Yoon.

Yoon requested the Saudi government to help Korean companies participate in megaprojects, including NEOM, Qiddiya and the Red Sea, said his office.

The two leaders noted "great potential" for cooperation between the two countries in various fields, such as tourism, smart farms, patents, shipping, fisheries, statistics, cyber security and food and drug regulations, and called for the two countries to work together to lead to concrete results in the future.

Noting the increased uncertainty in the international crude oil market, Yoon said he expects Saudi Arabia, a key crude oil exporter, "to demonstrate leadership to stabilize the market."

The two leaders also exchanged views on the situation in the Middle East amid increased instability due to the armed conflict between Israel and the Hamas militant group.

Yoon said the Korean government will provide necessary cooperation, including humanitarian support.

Korean President Yoon Suk Yeol, center left, and Saudi Crown Prince Mohammed bin Salman, center right, accompanied by first lady Kim Keon Hee, chat during an official welcoming ceremony at the Al Yamamah Palace in Riyadh on Sunday. [JOINT PRESS CORPS]

The two sides also signed agreements including visa exemptions for diplomatic and official passport holders, a hydrogen oasis cooperation initiative and food and medical products.

Korea and Saudi Arabia were expected to sign 51 agreements worth a total of $15.6 billion during Yoon's four-day state visit, according to his office. The MOUs will cover sectors including crude oil, hydrogen energy and statistics.

This is in addition to 26 MOUs on projects worth some $29 billion signed during the crown prince's visit to Seoul last November.

Yoon attended the groundbreaking of S-Oil's "Shaheen" petrochemical plant project in Ulsan in March. The project, named after the Arabic word for falcon, Saudi Arabia's national bird, will construct a large-scale petrochemical production facility at S-Oil's Onsan industrial complex in Ulsan. Saudi Aramco, a state-run oil giant, holds the largest stake in Korean oil refiner S-Oil.

The two countries also established a $160 million joint venture capital fund in June.

On Saturday, Yoon began a two-country, six-day trip to Saudi Arabia and Qatar to focus on strengthening economic and security cooperation with the two Middle Eastern countries.

BY SARAH KIM [kim.sarah@joongang.co.kr]