Korean Ambassador to Saudi Arabia: the Visit of HRH Crown Prince Marks a Historical Turning Point in the Bilateral Relations between the Two Countries 3 Riyadh

  • 2/5/2023
  • 08:32
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In terms of direct investment volume, the Korean Ambassador said the total value of the Saudi investment in the Republic of Korea amounted to about USD 2 billion from 2006 to 2017, while the total value of the Korean investment in the Kingdom during the same period was about USD 4 billion. As the trade and investment volume is increasing, the fields of cooperation are diversifying as well, encompassing such fields as renewable energy, defense industry, healthcare, education, digitization and culture, he added He revealed that during the visit of HRH Crown Prince to the Republic of Korea, S-Oil Corp., the third largest refiner in Korea, will hold the opening ceremony of the Residue Upgrading Complex and Olefin Downstream Complex . Saudi Aramco invested about four billion dollars to construct the complexes. Also, Hyundai Heavy Industries, the 3rd largest shipbuilding company in the world, collaborated with Aramco to set up a joint venture that will build the Gulf’s biggest shipyard in Ras Al-Khair, Saudi Arabia. He affirmed that the Republic of Korea has been committed to utmost support for the realization of the Saudi Vision 2030 as a strategic partner of the Kingdom of Saudi Arabia. The Republic of Korea wishes to expand its cooperation in various projects under the Saudi Vision. He highlighted the Kingdom's participation in the G-20, saying that The Kingdom of Saudi Arabia, as the one and only country in the Middle East and Arab region in the G20, has represented the region’s views, he said that he has confidence that Saudi Arabia will fully fulfill its roles as the chair country of the G20 next year. Also the Republic of Korea will cooperate with the Kingdom for the resounding success of the 2020 G20 Riyadh Summit. He appreciated the Kingdom's leading role in addressing various global financial, economic and social issues in addition to its vital role in stability and prosperity of the world economy and world energy market --SPA 13:32 LOCAL TIME 10:32 GMT 0009 www.spa.gov.sa/w1126270

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