South Korean President Yoon calls for expanded economic cooperation in speech in Saudi Arabia

South Korean President Yoon Seo-gyeol paid a state visit to Saudi Arabia on the 22nd and delivered a speech at the South Korean-Saudi Investment Forum held in Riyadh. Mr. Yun emphasized the cooperative relationship between the two countries through oil and
He emphasized the need to expand from the construction sector to all sectors linked to Saudi Arabia's economic reform ``Vision 2030,'' such as manufacturing, smart infrastructure, and clean energy.
Mr. Yun praised, saying, ``In response to climate change and digitalization, Saudi Arabia is launching a bold strategy called ``Vision 2030'' toward the ``post-oil'' era.'' and,
``If South Korea, which has advanced technology and know-how in industrial development, and Saudi Arabia, which has abundant capital and growth potential, cooperate, we can expect strong synergies.''
Mr. Yun said that the movement of companies from both countries, including the manufacturing industry, is already in full swing, adding, ``King Salman Industrial Park is home to shipbuilding.
From the main forging factory to the ship engine factory, the entire ecosystem of the shipbuilding industry is being completed one after another. Hyundai Motor starts construction of car factory in King Abdullah Economic Park, scheduled for 2026
The first South Korea-Saudi joint venture electric vehicle will be launched in 2020,'' he said, adding, ``Discussions between companies from both countries are also intensifying in new industrial fields such as AI, biotechnology, and resource recycling.''
Mr. Yun also mentioned the goal of carbon neutrality that the two governments have declared to the international community, saying that it has become a catalyst for clean energy cooperation between companies in both countries, adding,
"If Saudi Arabia, which has a lot of energy, and South Korea, which has the highest level of technology in terms of hydrogen distribution and utilization, join forces, we can lead the global hydrogen economy."
``The blue ammonia production project and hydrogen mobility cooperation project that companies from both countries agreed on today will lead to full-scale hydrogen cooperation.''
"This is just the beginning," he said, adding, "The Hydrogen Oasis Initiative agreed upon by the two governments will become a platform to support cooperation between companies from both countries across the entire clean hydrogen value chain."
I expected that. He also said, ``Cooperative projects between companies from both countries are taking shape in mega projects in Neom, Qiddiya, and the Red Sea, which are attracting worldwide attention.''
I am confident that by combining Uzi Arabia's bold investment with South Korea's cutting-edge technology and cultural content, the city of imagination will become a reality."
President Yoon said that the two governments are working on a mega project collaboration between companies centered on the Korea-Saudi Vision 2030 Committee.
He pledged to fully support the project. Approximately 180 people attended the forum, including Samsung Electronics' Lee JeYeon and Hyundai Motor Chairman Chung Eui-sun.
Approximately 300 people from both countries participated, including economic delegations from both countries.