Yoon vows government support for businesses during state visit to Saudi Arabia

[Photo by Yonhap]

South Korean President Yoon Suk Yeol emphasized the government’s role for businesses to expand into new markets as a core element of economic policy during his state visit to Saudi Arabia. He underlined that the government and businesses should work in harmony as he attended a dinner event with business leaders in Riyadh on Monday.

“The government and business are a team,” Yoon said, urging business leaders to express things they find it difficult or unreasonable.

Yoon pledged to go the extra mile to assist Korean companies in securing export orders, stressing the government’s dedication to aiding businesses in achieving significant accomplishments and expanding their market opportunities.

He highlighted that the achievements during his visit to Saudi Arabia, which include signing memorandums of understanding (MoUs) and contracts worth over $15.6 billion in export orders, will be a valuable boost to the national economy.

The dinner event was attended by more than 180 Korean business leaders, including Samsung Electronics Executive Chairman Jay Y Lee and Hyundai Motor Group (HMG) Executive Chairman Euisun Chung.

In a surprise meeting before the dinner with business leaders, Yoon met with Saudi Crown Prince Mohammed bin Salman to demonstrate the strong bilateral relationship.

According to the Korean presidential office, Crown Prince Mohammed made an unexpected visit to the Korean presidential residence at 12:10 p.m. on Monday.

The impromptu meeting lasted for 23 minutes, and the two leaders traveled together to the Future Investment Initiative (FII) venue in a vehicle driven by the crown prince himself.

The latest state visit marked the eighth summit-level exchange between Korea and Saudi Arabia, with the first-ever joint statement encompassing 44 articles covering various aspects of cooperation.

It reaffirmed their commitment to deepening the strategic partnership, boosting trade and investment, and expediting free trade agreement (FTA) negotiations.

The two leaders agreed to collaborate on Saudi Arabia’s ambitious projects such as the Red Sea Project.

In a joint statement, President Yoon and Crown Prince Mohammed expressed their commitment to enhancing cooperation in various fields. They also agreed to strengthen defense and counterterrorism partnerships to contribute to international security and peacebuilding, particularly in light of recent conflicts, such as the ongoing Israel-Hamas war.