Welcome to Saudi Arabia, President Yoon

His Excellency’s visit to the Kingdom will contribute significantly to strengthening economic and investment relations between the two countries.

H.E. Sami M. Alsadhan

The author is ambassador of the Kingdom of Saudi Arabia to the Republic of Korea. The visit of his excellency Yoon Suk Yeol, president of the Republic of Korea, to the Kingdom of Saudi Arabia, during the period of Oct. 21 to 24, comes as an extension of the desire of the government of the two countries to strengthen the distinguished relations between them and to discuss ways to strengthen them at all levels.

This visit comes to consolidate and strengthen relations between the two countries and the belief of the Republic of Korea in the effective regional and international role of the Kingdom in the political, economic and cultural aspects, and the weight that the Kingdom represents in all fields at the continental and international levels.

The Kingdom also believes in the influential role of the Republic of Korea on the global level, and the Kingdom views with appreciation and respects the Republic of Korea’s major economic reforms and future plans, during which Korea has grown to become one of the strongest economies in the world, one of the largest growing and most developed countries in the world over the past decades, and possessing one of the most inspiring models of development and progress in the country, which resulted in the two countries’ joint membership in the G20.

His excellency’s visit, which is accompanied by a high-level delegation that includes a number of ministers and senior government officials, in addition to an economic delegation consisting of 130 entrepreneurs and heads of major Korean companies, comes after the historic visit of His Royal Highness Prince Mohammed bin Salman, crown prince and prime minister, to Korea in November last year. It witnessed a great success that contributed to strengthening the historical relations between the two countries, which resulted in the signing of more than 26 agreements worth $30 billion in economic, development, cultural, investment and other fields.

I must point out here that the Republic of Korea is considered a strategic partner of the Kingdom in its Vision 2030, in accordance with the Memorandum of Cooperation “Saudi-Korean Vision 2030,” which was signed in October 2017. This is clear evidence that the Kingdom considers the Republic of Korea an important economic partner for it to achieve its vision. The Memorandum of Cooperation later resulted in the formation of a committee of representatives of government agencies and relevant bodies in the two countries under the name “Saudi-Korean Vision 2030 Committee.”

In fact, this joint vision, in essence, focuses on enhancing the flow of foreign direct investments by strengthening commercial ties between the private sector in the Kingdom of Saudi Arabia and the Republic of Korea and considering the economic and investment field as one of the most important pillars on which relations between the two countries are based, as the Kingdom is considered the largest partner of Korea in the Middle East.

His Excellency’s visit to the Kingdom will contribute significantly to strengthening economic and investment relations between the two countries. On the sidelines of the visit, His Excellency the Korean President visited the investment forum between the Kingdom of Saudi Arabia and the Republic of Korea, in addition to his participation in a technology forum attended by scientists and researchers from the two countries. His Excellency also attended a ceremony marking the 50th anniversary of cooperation in the field of construction between the two countries, and the annual forum of the Future Investment Initiative.