Saudi Arabia and South Korea issued a joint statement at the end of the presidents’ visit to Riyadh
RIYADH: Saudi Arabia and South Korea issued a joint statement on Monday following the visit of the country’s president Yoon Suk-yol to the kingdom.
In a meeting with Mohammed bin Salman, the Crown Prince of Saudi Arabia, the two sides discussed ways to strengthen cooperation and bilateral relations and the latest regional and international developments.
South Korea welcomed Saudi Arabia’s bid to host the 2034 World Cup and expressed its confidence in the kingdom’s organizational ability and advanced capabilities in the field of sports.
The two sides praised the positive results after the crown prince’s visit to South Korea on November 18, 2022, which coincided with the 60th anniversary of diplomatic relations between the two countries.
The Korean president emphasized support for Saudi Arabia’s Vision 2030 and appreciated the significant progress achieved by this vision under the leadership of the Crown Prince.
The two sides praised the pivotal role of the joint Saudi-Korea Vision 2030 Committee in achieving the goals of the Saudi Vision 2030.
The two sides welcomed the 400-fold increase in the volume of trade between the two countries since the establishment of relations in 1962.
The two countries agreed to discuss opportunities to expand investment in hydrogen, smart cities, future transportation and emerging companies.
They also welcomed the agreement to establish a car assembly plant in the kingdom through a joint project between a Korean company and the Saudi Public Investment Fund, in addition to the construction of a shipyard in the Eastern region, which will be completed by June 2024.
The two sides agreed to establish a joint fund worth $160 million in June 2023 as a follow-up to the agreement between Saudi Venture Capital Corporation (SVC) and Korea Venture Capital Corporation (KVIC) signed during the visit of Crown Prince Mohammed bin Salman. They welcomed. Salman went to Korea last year.
Saudi Arabia welcomes South Korea’s proposed decarbonization alliance.
The Korean side also welcomed the launch of Saudi and Middle East green projects by the kingdoms.
The Kingdom and Korea welcomed the signing of an agreement on mutual exemption from short-term visa requirements for holders of diplomatic, private and official passports.
Regarding the Israeli-Palestinian conflict, the two countries reiterated their opposition to targeting civilians in any way.
They emphasized the importance of protecting civilians in accordance with international law and international humanitarian law, and agreed to cooperate with the international community for the immediate and unimpeded delivery of humanitarian aid to civilians.
The two sides emphasized the intensification of efforts to prevent further escalation of conflicts and emphasized the necessity of finding a political solution for the Palestinian issue and achieving lasting peace based on a two-state solution.
South Korea appreciated the Kingdom’s leadership efforts in this regard, including the Arab Peace Initiative.
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