Riyadh, The Kingdom of Saudi Arabia and the Republic of Korea have maintained a long-standing relationship that spans over 60 years. This relationship extends to various fields, and the Republic of Korea greatly values the Kingdom's leadership role regionally and globally.

Diplomatic relations between the two countries were established in 1962 when King Saud bin Abdulaziz Al Saud and then Korean President Park Chung-hee signed an agreement. As a result, the first Korean embassy in Jeddah was opened in 1973, while the Kingdom established its embassy in Republic of Korea in 1974.

Over the past six decades, Saudi Arabia and Republic of Korea have enjoyed stable relations, resulting in numerous economic and investment agreements between Saudi and Korean companies. The two countries have also exchanged experiences in cultural and sports fields. The Saudi-Korean summit in Riyadh in 2015 further strengthened the friendly relations between the two nations.

Initially, the focus of the relationship was on oil and construction sectors, but over the years, cooperation has expanded to various areas such as culture, food, health, trade, industry, renewable energy, and atomic energy. This cooperation has significantly contributed to progress and development.

The Saudi-Korean relationship witnessed continuous development, leading to the launch of the "Saudi-Korean Vision 2030" in 2017. This vision encompasses 40 projects and initiatives aimed at establishing a partnership between the two countries in five key areas: energy and manufacturing, smart infrastructure and digital transformation, capacity building, healthcare and life sciences, and investment.

The visits of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the Republic of Korea in June 2019 and November 2022 further boosted the already strong relations between Saudi Arabia and Republic of Korea. These visits focused on identifying priorities for developing bilateral ties, with a particular emphasis on clean energy, investment, and commercial partnerships, in line with the goals outlined in the Saudi-Korean Vision 2030.

During his recent visit, HRH emphasized the desire of both countries to strengthen the foundations of their historical relationship. He emphasized the importance of enhancing cooperation in all fields, considering the political, economic, regional, and international influence of both countries, as well as their membership in the G20.

The Crown Prince also highlighted the need for intensified joint action to address threats and challenges to international peace and security, particularly those that impact energy security and supply chain safety.

As part of the ongoing high-level visits between Saudi Arabia and Republic of Korea, HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince and Prime Minister, welcomed the then Korean President Moon Jae-in in January 2022.

The establishment of the Saudi-Korean Joint Committee over 40 years ago reflected the early recognition by the leaders of both countries of the crucial need to strengthen bilateral relations. The committee aimed to coordinate and integrate efforts in various fields to achieve common goals and serve mutual interests.

At the economic level, the two countries have a solid economic partnership, with the Kingdom being the largest exporter of oil to the Republic of Korea. Moreover, the Kingdom's favorable investment environment has attracted 132 Korean economic ventures worth over $3 billion, while three Saudi mega companies have investments in the Republic of Korea totaling $46.35 billion.

Solid Saudi-Korean relations have contributed to increasing trade between the two countries and have facilitated transactions related to the development boom in the Kingdom. This includes the expansion of oil, petrochemical, and industrial factories and facilities, as well as the adoption of data economies and e-government applications, in which Korean companies have extensive expertise.

In 2021, the volume of trade exchange between the Kingdom and the Republic of Korea amounted to about $26.506 million, with a trade surplus in favor of the Kingdom valued at $19.646 million. Saudi exports to Korea reached $23.076 million, while imports from Korea amounted to $3.40 million.

The Industrial Fund has played a role in supporting and financing joint economic ventures with Korea, benefiting more than 12 joint projects with a financing value exceeding $2.826 billion. Additionally, there are three Korean industrial investments in the Saudi Authority for Industrial Cities and Technology Zones "MODON," focusing on manufacturing rubber, plastic, steel pipes, and other sectors.

In the defense field, the Kingdom and the Republic of Korea have embarked on a strategic defense partnership through the establishment of the Saudi-Korean Ministerial Committee for Defense Cooperation, aligned with the goals of the Saudi Vision 2030 to empower and develop the military industries sector.

In terms of scientific cooperation and coordination, 48 Saudi engineers have embarked on joint projects with the Korea Atomic Energy Research Institute (KAERI) to prepare engineering designs for a "Smart" nuclear reactor in the Kingdom. These engineers have received extensive training in various fields of nuclear energy, including specialized programs in reactor design, fluid system design, mechanical design, machine interaction design, and safety analysis of SMART reactor technology.

In 2021, the Saudi Authority for Intellectual Property registered a total of 447 industrial models, 2,881 trademarks, and 543 patents from Korean companies. LG Electronics Inc. leads in the number of registered trademarks with 332, while Samsung Electronics Co., Ltd. leads in registered industrial models with 145, and Daewoong Pharmaceutical Co., Ltd. has the highest number of registered patents with 16.

Both the Kingdom and the Republic of Korea have aligned plans to combat climate change and address global warming. Seoul has announced its plan to achieve carbon neutrality and reduce carbon emissions to zero by 2050, which is in line with the Green Saudi Arabia and Green Middle East initiatives. The Kingdom has also announced its intent to achieve carbon neutrality by 2060.

In January 2022, during the Saudi-Korea Investment Forum hosted in Riyadh, the Saudi Public Investment Fund, South Korean steel-making company POSCO, and Samsung CT signed a memorandum of understanding to develop a project for producing green hydrogen for export purposes.

Cultural relations between Saudi Arabia and Republic of Korea have also developed rapidly, particularly in the fields of films, TV series, and musical performances. This encourages the two countries to further expand cooperation in the cultural domain.

Source: Saudi Press Agency