Choo Kyung-ho Requests Saudi Arabia's Cooperation for Smooth Oil Supply and Price Stability

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, who is visiting Washington DC, USA to attend the G20 Finance Ministers Meeting and the IMF/WB Annual Meetings, is shaking hands and taking a commemorative photo with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan at the International Monetary Fund (IMF) headquarters on the 13th (local time). (Photo by Ministry of Economy and Finance)

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held a meeting with Saudi Arabia's Minister of Finance Mohammed bin Abdullah Al-Jadaan, agreeing to strengthen bilateral cooperation in the fields of construction, defense, and nuclear power. Deputy Prime Minister Choo also requested Saudi Arabia's cooperation to ensure smooth crude oil supply and price stability.

On the 13th (local time), Deputy Prime Minister Choo met with Minister Al-Jadaan at the International Monetary Fund (IMF) headquarters in Washington DC, USA, urging support for the smooth progress of Korean companies' projects in the region.

First, Deputy Prime Minister Choo emphasized that Korean companies are actively participating in the recently prioritized Saudi project, 'NEOM City,' and requested cooperation to enable Korean firms to participate in future large-scale construction projects. NEOM City is a futuristic city construction project 44 times the size of Seoul, with a scale reaching 500 billion dollars.

In the nuclear power sector, he explained that Korea's advanced technology and operational experience proven in the construction of the Barakah nuclear power plant in the United Arab Emirates (UAE) will contribute to Saudi Arabia's ongoing nuclear power introduction policy. In the defense sector, he emphasized his expectation that cooperation between the two countries will continue based on Korea's long-standing experience and know-how in domestic weapon production.

In response, Minister Al-Jadaan welcomed the entry of Korean companies into Saudi Arabia and pledged to continue efforts to resolve difficulties faced by local companies. He said, "Saudi Arabia also hopes to expand bilateral cooperation in construction, nuclear power, and defense," adding, "We expect Korean companies, which have demonstrated high-quality construction capabilities, to show greater interest in upcoming projects to be ordered in Saudi Arabia."

In particular, Deputy Prime Minister Choo explained Saudi Arabia's importance in the energy sector as Korea's largest crude oil supplier and requested cooperation for smooth crude oil supply and price stability in the future. Minister Al-Jadaan responded, "Korea is a very important investment partner," and said, "We will strive for stable crude oil supply and fulfill our role in the international community."

Washington DC = Reporter Moon Je-won