Riyadh "Riyadh Daily"
Strategic Development

The visit of Crown Prince Mohammed bin Salman bin Abdulaziz to South Korea highlights the historical significance of the established and distinguished relationship between the two countries, which covered most sectors and sectors, especially the commercial and investment sectors, a matter that is demonstrated by the language of figures more comprehensively when we know that bilateral trade volume is growing rapidly, exceeding SAR 113 billion in 2018, at an increase of 21% compared to 2017.

Besides, the Kingdom is South Korea's eighth largest trading partner, and South Korea is the Kingdom's eighth largest trading partner. 

Many of South Korea's overseas partnership and construction projects are located in the Kingdom. Citizens have positive memories of the South Korean companies that have worked in the Kingdom for decades and their implementation of mega projects whose quality is still demonstrated. 

In his meeting with the South Korean president, the Saudi Crown Prince said: "The Kingdom has a very good experience with South Korea in the past, and we want to repeat it for the benefit of our two countries."

The sincere desire of the Kingdom and South Korea to push forward the mutual relations and open new channels to them, were confirmed by this visit. 

The warm welcome received by the Crown Prince and the statements of the South Korean officials reflect the depth of the strategic relationship and the South Korean people's respect and love for the people of the Kingdom. 

The two countries share lots of identical views on several issues, such as combating terrorism and enhancing the global energy security.

The visit served as an opportunity to further develop trade exchange, a matter which was emphasized by the Crown Prince, when he pointed to the tremendous potential and partnership between the two countries and the opportunities to increase trade and investment exchange and diversify it in many areas of cooperation, including political, security, defense, economy and cultural and social affairs. 

Moreover, the economic reforms taking place in the Kingdom and Vision 2030 provide a fertile environment for the South Korean companies to work with the Saudi business sector, a matter that we saw yesterday by the signing of several partnership projects as evidence of the great potential and available opportunities.

The energy sector tops the concerns of both countries, and the twelve projects signed yesterday by Aramco and worth USD 12 billion with major South Korean companies consolidate the strategic partnership. 

Aramco has been in the heart of Seoul for decades, and one of its preeminent projects is South Korea's S-Oil refinery, of which Aramco has a majority stake. South Korea is the fifth largest importer of oil and imports between 800 and 900,000 barrels per day from the Kingdom. 

The Crown Prince's visit will accelerate the transfer of new agreements and memoranda of understanding into an operational reality.

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