Saudi Arabia, Korea issue joint communiqué following official visit of Crown Prince

Saudi Arabia, Korea issue joint communiqué following official visit of Crown Prince
Saudi Arabia, Korea issue joint communiqué following official visit of Crown Prince

Saudi Arabiaand the Republic of Korea have issued a joint communiqué on the occasion of theofficial visit of Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud,Deputy Prime Minister and Minister of Defense of the Kingdom to the Republic ofKorea.

Followingis the text of the communiqué:

"At aninvitation of President Moon Jae-in of the Republic of Korea and inspired bythe interest of the two leaders: the Custodian of the Two Holy Mosques KingSalman bin Abdulaziz Al Saud and His Excellency President Moon Jae-in tostrengthen bilateral relations between the two countries, His Royal HighnessPrince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy PrimeMinister and Minister of Defense of the Kingdom of Saudi Arabia, made anofficial visit to the Republic of Korea from 26 – 27 June 2019 where he wasreceived at the airport by the Prime Minister of the Republic of Korea LeeNak-yeon.

PresidentMoon Jae-in held in-depth discussions with HRH Prince Mohammed bin Salman binAbdulaziz Al Saud on the future of the bilateral relations in addition toregional and international issues.

They agreedto expand the zone of cooperation between the Kingdom of Saudi Arabia and theRepublic of Korea in all aspects of bilateral ties as follows:

First:

Enhancingvision 2030's partnerships:

1 – Aware ofthe importance of the strategic partnership which has first developed throughthe energy and infrastructure zone since the establishment of diplomaticrelations between their two countries in 1962, President Moon Jae-in and HRHPrince Mohammed bin Salman bin Abdulaziz Al Saud expressed satisfaction overexpanding the fields of bilateral cooperation to cover all fields, includingthe fields of healthcare, medical services, communication and informationtechnologies, culture and education as per the Kingdom's vision 2030.

2 –President Moon Jae-in confirmed the support of the Korean government for theSaudi vision 2030 which is proceeding under the leadership of the Custodian ofthe Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH Prince Mohammedbin Salman bin Abdulaziz Al Saud. The two sides recognize the existence of ajoint interest between them to enhance the vision 2030 partnerships through theSaudi Korean vision 2030 committee. They also agreed to expedite the pace ofcooperation to achieve that vison through efforts which include establishingSeoul Riyadh Vision Achievement Office.

Second:

Enhancingeffective and mutual cooperation of the new economy:

3 – The twosides agreed to diversify and expand bilateral cooperation in the field of newindustries which meet the requirements of the 4th industrial revolution era,and in particular, they agreed that the two States will exert joint efforts tocreate job opportunities for the youths in the two countries, topped by thefields of future modern industries including environment-friendly automobiles,robot industries, information technology, communications, 5th generationtechnologies.

In light ofthis, the two sides welcomed the signing of a number of memorandums ofunderstanding and agreements of executive programs during the visit, includinga MOU on cooperation in the fields of cars, an agreement of an executiveprogram in the field of robot industry, a MOU in the field of information andcommunication technology and a MOU dealing with cooperation in the fieldhydrogen economy.

4 – The twosides expressed hope to augment cooperation expansion in the field of peacefulusage of nuclear energy as the Kingdom of Saudi Arabia has welcomed theparticipation of Korean companies in a bid for the first Saudi nuclearcommercial energy generation station. The two sides also underscored theimportance of continuing cooperation and building of human capacities in thefield of research, nuclear advancement and organizational areas.

Third:

Expandingmutual investment:

5 – The twosides agreed to exert efforts to increase mutual investment for expandinginvestments which benefit the two sides, taking into consideration the requiredcapabilities to expand mutual investment expansion which reflect the level ofeconomic cooperation and size of trade between the two countries. They alsoagreed to work together to make the Kingdom's giant projects it was nowdeveloping, citing Red Sea Project, NEOM, and Al-Giddiya Entertainment, asuccess.

6 – HRHCrown Prince Mohammed bin Salman bin Abdulaziz Al Saud and President MoonJae-in lauded the expansion of S-Oil company project and co-inaugurated theexpanded project in which as much as $4.2 billion was invested to enhance thecompany's profitability and competitiveness capacity.

The twosides welcomed that the company's focus for the coming period be orientedtowards increasing the production of petrochemicals and investing a newtechnology known as transforming thermal crude into chemicals, developed bySaudi Aramco, citing that the investment size amounts to nearly $6 billion.

7 –President Moon Jae-in praised the interest of the Kingdom of Saudi Arabia ininvestment in the Republic of Korea, particularly in the fields of energy,refining and petrochemicals. The Saudi interest has recently resulted in SaudiAramco's investment in Hyundai Oil Bank for oil refining as Saudi Aramco isseeking to expand the scope of its activities, particularly in the field ofpetrochemicals, thus reflecting the two countries' interest in expanding thejoint investments.

8 – HRHPrince Mohammed bin Salman Al Saud lauded the increase in number of Koreaninvestments and companies related to Saudi Arabia, noting the Korean companiescontribution to the giant projects of the Saudi vision 2030, citing Hyundai forHeavy Industries contribution to King Salman Global Complex for MaritimeIndustries and Services in Ras Al Khair, and the contribution of the KoreanElectricity for Energy in the basic energy project in the Kingdom of SaudiArabia.

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