Saudi Arabia, South Korea issue joint statement at end of president’s visit to Riyadh

Saudi Arabia and South Korea issued on Monday a joint statement following the visit of President Yoon Suk Yeol to the Kingdom.

During a meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman, the two sides discussed ways to enhance bilateral cooperation and relation, in addition to 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 sports field.

The two sides praised the positive results following 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 reaffirmed support for the Saudi Vision 2030, commending the remarkable progress achieved by this vision under the leadership of the crown prince.

The two sides praised the pivotal role of the Saudi-Korean Joint Vision 2030 Committee in achieving the goals of the Saudi Vision 2030.

The two sides welcomed the growth in the volume of trade exchange between the two countries by 400 times since the establishment of relations in 1962.

The two countries agreed to discuss opportunities to expand investments in hydrogen, smart cities, future means of transportation, and emerging companies.

They also welcomed the agreement to establish an automobile assembly plant in the Kingdom through a joint project between a Korean company and the Saudi Public Investment Fund, in addition to the shipyard being built in the Eastern region, which will be completed by June 2024.

The two sides welcomed the establishment of a joint fund worth $160 million in June 2023 as a follow-up to the agreement between the Saudi Venture Investment Company (SVC) and Korea Venture Investment Corporation (KVIC) signed during the visit of Crown Prince Mohammed bin Salman to Korea last year.

Saudi Arabia welcomed the decarbonization alliance proposed by South Korea.

The Korean side also welcomed the Kingdom’s launch of the Saudi & Middle East Green Initiatives.

The Kingdom and Korea welcomed the signing of the agreement on mutual exemption from short-stay visa requirements for holders of diplomatic, private and official passports.

Regarding the Israeli-Palestinian conflict, the two countries reiterated their rejection of targeting civilians in any way.

They stressed the importance of protecting civilians in accordance with international law and international humanitarian law, and agreed to work with the international community to deliver humanitarian aid urgently and without obstacles to civilians.

The two sides stressed the importance of intensifying efforts to prevent further escalation of the conflict, and stressed the necessity of finding a political solution to the Palestinian issue and reaching a lasting peace on the basis of the two-state solution.

South Korea expressed its appreciation for the efforts of the Kingdom’s leadership in this regard, including the Arab Peace Initiative.