South Korean President Yoon Suk Yeol Pledges Support for Saudi Arabia’s Vision 2030 in Economic Diversification
RIYADH - South Korean President Yoon Suk Yeol has committed to aiding the implementation of Saudi Arabia's Vision 2030, a roadmap aimed at diversifying the Saudi economy away from its oil-centric focus.
According to a new release by Yonhap News Agency, President Yoon made these remarks ahead of his four-day state visit to Saudi Arabia, which commenced on Saturday.
In a written interview, President Yoon articulated that South Korea will share its expertise in economic development and deploy the capabilities and skills of its businesses to support the Saudi initiative. "South Korea is one of the main cooperation nations for the realization of Saudi Arabia's Vision 2030, and I expect our cooperation to increase in various areas, including not only construction and infrastructure but also energy, investment and culture," Yoon said.
The President also highlighted that Saudi Arabia is the largest overseas market for South Korean construction projects, making up nearly 20 percent of all overseas construction orders. Specifically, he pointed out that the Saudi Interior Ministry's building in central Riyadh was constructed by South Korea's Hyundai Engineering and Construction.
"South Korea will continue to contribute to the effective realization of Saudi Arabia's Vision 2030 based on its economic development know-how and experience, and the capabilities and skills of South Korea's excellent businesses," Yoon added.
The commitment follows almost a year after Saudi Crown Prince and Prime Minister Mohammed bin Salman visited Seoul. During that visit, the two nations agreed to elevate their relationship to a "future-oriented strategic partnership" and established a "strategic partnership committee" between their leaders for more systematic collaboration.
Yoon stated that the two countries have diversified their cooperation beyond traditional sectors such as energy and resources to include manufacturing, clean energy, petrochemicals, and smart farms. This diversification is based on the $29 billion worth of deals and memorandums of understanding signed during the Crown Prince's previous visit to Seoul.
Later in his visit, President Yoon is set to hold a summit with Crown Prince Mohammed bin Salman to discuss ways to jointly contribute to global peace and sustainable development, particularly in light of increasing global uncertainties such as North Korea's nuclear and missile programs, the ongoing armed conflict between Israel and Hamas, and the war in Ukraine.
"As Saudi Arabia has adhered to its firm position in support of nuclear nonproliferation on the international stage, the Republic of Korea intends to actively cooperate with Saudi Arabia over North Korea's nuclear and missile provocations and blocking their development," Yoon said in the interview.