[Asia Economy Reporter Lee Ji-eun] As part of his tour of the Middle East, President Moon Jae-in, currently visiting Saudi Arabia, held talks with Crown Prince Mohammed bin Salman at Yamama Palace in Riyadh, Saudi Arabia, on the 18th (local time).
President Moon said, "In 2017, the two countries launched the 'Korea-Saudi Vision 2030 Committee' and have been cooperating in five major areas: energy, smart infrastructure, digital, healthcare, and small and medium-sized enterprises. In addition, I hope that cooperation in future fields such as hydrogen energy, nuclear power, defense industry, intellectual property, and medical care will be further strengthened."
He continued, "I like the Arab proverb, 'Choose a friend before you travel a long way in the desert.' I hope that the two countries will walk the path of shared prosperity together with deep friendship," offering his well wishes.
In response, Crown Prince Mohammed said that Korea and Saudi Arabia have maintained a solid relationship for 60 years, that Korea has been a key partner in 'Vision 2030,' and that he highly appreciates the achievements of Korean companies in Saudi Arabia in infrastructure, airport, and railway construction.
President Moon stated, "Negotiations are currently underway for the import of Korea's excellent defense materials, and I hope for good results," adding, "We will cooperate to the fullest extent so that local production in Saudi Arabia is possible through technology transfer beyond simple export of weapon systems." Crown Prince Mohammed said that cooperation including technology sharing in the defense and military sectors is important and that he considers Korea a good partner.
President Moon also requested interest so that Korean companies can participate in the construction of the carbon-zero environmental city 'NEOM City' project and expressed expectations for cooperation related to the hydrogen economy. Crown Prince Mohammed also said that Korea and Saudi Arabia can cooperate infinitely in digital, technology, and economic fields and hopes that cooperation in the hydrogen sector will be strengthened.
Regarding nuclear power, President Moon said, "I am confident that Korea will be the optimal partner for Saudi Arabia's nuclear power project," and congratulated the successful establishment of the Gulf Cooperation Council (GCC) Integrated Command under Saudi leadership last year and the successful hosting of the GCC summit in Riyadh. He also mentioned that former Foreign Minister Kang Kyung-wha is challenging to become the first Asian Director-General of the International Labour Organization (ILO) and requested support from Saudi Arabia, a permanent member of the ILO Governing Body.
President Moon further stated that Saudi Arabia is a steadfast ally that has consistently supported Korea's efforts for peace on the Korean Peninsula and requested unwavering cooperation and support so that the peace process on the Korean Peninsula can make substantial progress.
Finally, President Moon condemned the seizure acts by the Houthi rebels and expressed his hope that the detained ships and crew will be released promptly and return safely.
After the summit, President Moon attended an official luncheon hosted by Crown Prince Mohammed bin Salman at Yamama Palace. At the luncheon, Crown Prince Mohammed said, "Korean dramas and K-pop are very popular in Saudi Arabia, and many people enjoy Korean culture and study the Korean language," and President Moon introduced that Middle Eastern culture is spreading in Korea and that Arabic is a subject in the Korean college entrance exam.
Minister of Trade, Industry and Energy Moon Seung-wook and Saudi Minister of Energy Abdulaziz, who attended the luncheon, once again agreed to strengthen cooperation between the two countries in hydrogen economy and carbon-neutral technologies such as carbon capture.
After the luncheon, President Moon, who attended the 'Korea-Saudi Smart Innovation Growth Forum' event, met with Yasir Othman Al-Rumayyan, chairman of Saudi Aramco and governor of the Saudi Public Investment Fund (PIF), ahead of the event.
President Moon said, "Aramco's Phase 1 investment in S-Oil was the largest single project investment in Korea at the time, which greatly contributed to the upgrading of S-Oil's refining and petrochemical facilities and helped overcome the COVID-19 situation."
He added, "Until now, the two countries have cooperated mainly in energy such as crude oil, but we hope to strengthen cooperation with Korea in the new field of hydrogen. Saudi Arabia has strengths in producing green and blue hydrogen, and Korea has strengths in distribution and utilization, so if the two countries cooperate, they can lead the global hydrogen economy in the future."
In response, Chairman Al-Rumayyan said, "We hope to cooperate on green hydrogen through PIF and strengthen cooperation on blue hydrogen through Aramco," adding, "The biggest challenge is distributing large-scale hydrogen produced in Saudi Arabia, and we look forward to cooperation with Korea in this area."
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