By Kayla Lee

President Yoon Suk-yeol, who is on a state visit to Saudi Arabia, attended the Korea-Saudi Arabia Investment Forum on Oct. 22) afternoon to evaluate the achievements of bilateral economic cooperation so far and suggest new directions for future partnerships.

Noting that this year marks the 50th anniversary of the first Korean construction company to enter the Middle East with a highway project in Saudi Arabia, the President praised the hard work and passion of businessmen from both countries who have contributed to bilateral cooperation.

The President said that there are great synergies between Korea, with its advanced technology and successful industrial development experience, and Saudi Arabia, with its abundant capital and growth potential, and emphasized that the two countries should expand their partnership to various fields such as manufacturing, clean energy, and smart infrastructure in line with Saudi Arabia's national strategy, Vision 2030.

The President praised the ongoing bilateral cooperation in the manufacturing sector, including shipbuilding and automobiles, and looked forward to expanding similar cooperation in new industries such as AI and bio. 

He also emphasized the need to lead the global hydrogen economy by combining Saudi hydrogen production with Korea's hydrogen distribution and utilization, as both countries have declared carbon neutrality.

▲ President Yoon Suk-yeol delivers a speech at the Korea-Saudi Investment Forum on Oct. 22. / Courtesy of the Office of the President

Noting that Saudi Arabia's mega projects such as Neom are also combining forward-looking investments with Korea's high-tech and cultural contents, he expressed his full support for business-to-business cooperation centered on the Saudi-Korea Vision 2030 Committee.

The forum was attended by more than 300 business and government officials from Korea and Saudi Arabia, including the Korean economic delegation that accompanied President Yoon on his state visit. 

A total of 46 agreements or memorandums of understanding (MOUs) were signed between Korean and Saudi companies and organizations in various fields, including clean energy, electric vehicles, digital, and smart farms. The government plans to actively support the MOUs so that they can be visualized as concrete achievements at an early stage.