Saudi Arabia, Korea issue joint communiqué following official visit of Crown Prince

Saudi Arabia, Korea issue joint communiqué following official visit of Crown Prince

Saudi Arabia and the Republic of Korea have issued a joint communiqué on the occasion of the official visit of Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defense of the Kingdom to the Republic of Korea.

Following is the text of the communiqué:

“At an invitation of President Moon Jae-in of the Republic of Korea and inspired by the interest of the two leaders: the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Excellency President Moon Jae-in to strengthen bilateral relations between the two countries, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense of the Kingdom of Saudi Arabia, made an official visit to the Republic of Korea from 26 – 27 June 2019 where he was received at the airport by the Prime Minister of the Republic of Korea Lee Nak-yeon.

President Moon Jae-in held in-depth discussions with HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud on the future of the bilateral relations in addition to regional and international issues.

They agreed to expand the zone of cooperation between the Kingdom of Saudi Arabia and the Republic of Korea in all aspects of bilateral ties as follows:

First:

Enhancing vision 2030’s partnerships:

1 – Aware of the importance of the strategic partnership which has first developed through the energy and infrastructure zone since the establishment of diplomatic relations between their two countries in 1962, President Moon Jae-in and HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud expressed satisfaction over expanding the fields of bilateral cooperation to cover all fields, including the fields of healthcare, medical services, communication and information technologies, culture and education as per the Kingdom’s vision 2030.

2 – President Moon Jae-in confirmed the support of the Korean government for the Saudi vision 2030 which is proceeding under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud. The two sides recognize the existence of a joint interest between them to enhance the vision 2030 partnerships through the Saudi Korean vision 2030 committee. They also agreed to expedite the pace of cooperation to achieve that vison through efforts which include establishing Seoul Riyadh Vision Achievement Office.

Second:

Enhancing effective and mutual cooperation of the new economy:

3 – The two sides agreed to diversify and expand bilateral cooperation in the field of new industries which meet the requirements of the 4th industrial revolution era, and in particular, they agreed that the two States will exert joint efforts to create job opportunities for the youths in the two countries, topped by the fields of future modern industries including environment-friendly automobiles, robot industries, information technology, communications, 5th generation technologies.

In light of this, the two sides welcomed the signing of a number of memorandums of understanding and agreements of executive programs during the visit, including a MOU on cooperation in the fields of cars, an agreement of an executive program in the field of robot industry, a MOU in the field of information and communication technology and a MOU dealing with cooperation in the field hydrogen economy.

4 – The two sides expressed hope to augment cooperation expansion in the field of peaceful usage of nuclear energy as the Kingdom of Saudi Arabia has welcomed the participation of Korean companies in a bid for the first Saudi nuclear commercial energy generation station. The two sides also underscored the importance of continuing cooperation and building of human capacities in the field of research, nuclear advancement and organizational areas.

Third:

Expanding mutual investment:

5 – The two sides agreed to exert efforts to increase mutual investment for expanding investments which benefit the two sides, taking into consideration the required capabilities to expand mutual investment expansion which reflect the level of economic cooperation and size of trade between the two countries. They also agreed to work together to make the Kingdom’s giant projects it was now developing, citing Red Sea Project, NEOM, and Al-Giddiya Entertainment, a success.

6 – HRH Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and President Moon Jae-in lauded the expansion of S-Oil company project and co-inaugurated the expanded project in which as much as $4.2 billion was invested to enhance the company’s profitability and competitiveness capacity.

The two sides welcomed that the company’s focus for the coming period be oriented towards increasing the production of petrochemicals and investing a new technology known as transforming thermal crude into chemicals, developed by Saudi Aramco, citing that the investment size amounts to nearly $6 billion.

7 – President Moon Jae-in praised the interest of the Kingdom of Saudi Arabia in investment in the Republic of Korea, particularly in the fields of energy, refining and petrochemicals. The Saudi interest has recently resulted in Saudi Aramco’s investment in Hyundai Oil Bank for oil refining as Saudi Aramco is seeking to expand the scope of its activities, particularly in the field of petrochemicals, thus reflecting the two countries’ interest in expanding the joint investments.

8 – HRH Prince Mohammed bin Salman Al Saud lauded the increase in number of Korean investments and companies related to Saudi Arabia, noting the Korean companies contribution to the giant projects of the Saudi vision 2030, citing Hyundai for Heavy Industries contribution to King Salman Global Complex for Maritime Industries and Services in Ras Al Khair, and the contribution of the Korean Electricity for Energy in the basic energy project in the Kingdom of Saudi Arabia.