1. The Republic of Korea and Saudi Arabia held the 18th meeting of the Joint Committee in Seoul on October 26 and 27. With the year 2017 marking the 55th anniversary of the ROK-Saudi Arabia diplomatic relations, the two sides discussed ways for substantive bilateral cooperation across the board, including foreign affairs, security, trade, investment, energy, construction, transportation, healthcare, medical service, education, culture, maritime affairs, agriculture, forestry, and small- and medium-sized enterprises.

※ The ROK and Saudi head delegates to the meeting were Foreign Minister Kang Kyung-wha and Minister of Economy and Planning Adel Fakeih, respectively.

※ The ROK-Saudi Joint Committee is a regularly convened mechanism for comprehensive discussions on bilateral economic issues pursuant to the bilateral “Agreement on Economic and Technical Cooperation” concluded in 1974. Among all of the ROK’s Joint Committees with Middle East countries, the one with Saudi Arabia has the longest history and has been held the largest number of times.

2. At the 18th Joint Committee meeting, the two sides reviewed the progress in the follow-up on the outcome of the 17th Joint Committee meeting held in Riyadh in December 2014 as well as the progress in substantive bilateral cooperation, and discussed in detail major cooperation projects between the two countries.

° In particular, in the meeting, the two sides agreed to bring into force in 2017 the bilateral “memorandum of understanding on the facilitation of visa issuance,” which calls for greatly reducing the visa fees Saudi Arabia charges to Korean applicants, which will mark a tangible achievement in terms of support to Korean companies and people.

° In addition, the two sides agreed to jointly support bids of Korean companies to take part in Saudi projects to build such forms of infrastructure as mass transportation systems, railways and new towns as well as SMART nuclear power plants.

3. In her opening remarks, Minister Kang noted that the ROK and Saudi Arabia, having initiated bilateral cooperation in the construction and infrastructure sectors, have seen the scope of cooperation broaden to include various other sectors, such as national defense, healthcare, medical service, the e-government system, new and renewable energy, and education. Commending the Joint Committee for playing a pivotal role in the advancement of the bilateral cooperative ties, the Minister voiced hope that at the 18th meeting of the Joint Committee, the two sides will discuss ways to work together and for the ROK to contribute as Saudi Arabia’s best partner to the latter’s efforts to fulfill its “2030 Vision.”

° Minister Fakeih, bringing attention to Saudi Arabia’s active efforts to implement its open-door and reform policies led by Crown Prince Mohammad bin Salman, expressed hope that at the 18th meeting of the Joint Committee, the two sides will draw up various, specific ways to work together and to move bilateral cooperative ties forward in the long term and in a strategic manner.

4. The 18th meeting of the Joint Committee is seen to have served as a useful opportunity to seek more substantial progress in economic cooperation with the ROK’s No. 1 economic partner in the Middle East; with the year 2017 marking the 55th anniversary of diplomatic relations, to comprehensively review the progress in cooperation; and to discuss ways that the two countries can work together to forge partnership for shared, sustainable prosperity.


* unofficial translation