(Unofficial Translation)

Business leaders from Saudi Arabia and Korea, ministers of both governments, distinguished guests,

I extend my heartfelt congratulations on the opening of the Saudi-Korean Investment Forum.

It is very meaningful that this Forum for bilateral economic cooperation is being held today in Riyadh, Saudi Arabia’s business hub. Under the leadership of His Majesty, the guardian of two holy sanctuaries, Saudi Arabia has been advancing Middle Eastern and Islamic culture as an important pillar in world history. A megacity with a population of 15 million, Riyadh is growing as an economic, social and cultural center of the Middle East. With the development of Saudi Arabia’s Riyadh, our two countries’ solidarity and cooperation will also be strengthened further.

In celebration of the 60th anniversary of diplomatic relations this year, business leaders from both countries have been brought together here with the view of achieving yet another leap forward, building upon what bilateral cooperation has already accomplished. I am grateful to the Council of Saudi Chambers and the Korean Chamber of Commerce and Industry for preparing this invaluable event. I hope that this gathering will serve as a catalyst to usher in another 60 years for our two countries’ common prosperity.

Business leaders from both countries, 

Although geographically far apart, our two countries have achieved growth together while staying closer to each other than to any other country. We are crucial partners to one another for energy cooperation. Saudi Arabia is the largest oil supplier to Korea, and the construction of Saudi nuclear power plants has served as a driving force behind Korea’s economic growth. As Saudi Arabia’s fourth biggest export market, Korea has contributed to Saudi economic development.

Infrastructure construction has set an example for mutually beneficial bilateral cooperation. Korean businesses were able to venture into Saudi Arabia – the first Middle Eastern country they entered – thanks to its trust in Korea. Korean workers reciprocated with their diligence and hard work. Saudi Arabia is modernizing the foundation of its infrastructure through expressways, airports

and plants built by Korean companies. Korea is participating in construction projects in Saudi Arabia, building the finest structures and accumulating experience.

Our two countries are jointly building a shipyard that will be the largest in Saudi Arabia. As evidenced by the establishment of joint ventures for ship engines, materials and other equipment, our bilateral cooperation in manufacturing is also being diversified. Our two countries’ collaboration in future growth areas will solidify further and shine.  

Business leaders from both countries, 

The world is now facing unprecedented challenges such as the green and digital transitions in addition to overcoming the COVID-19 pandemic. If our two countries, which have long joined forces based on mutual trust, band together and cooperate, we will be able to create novel opportunities amid challenges. Saudi Arabia is implementing Vision 2030, and Korea is also playing a part in helping realize your vision as a key partner. 

Today, I’d like to emphasize three areas for future cooperation between our two countries.

First is cooperation in the field of hydrogen, which will become a key energy source in the era of carbon neutrality. This field has enormous potential for bilateral cooperation. Rich in renewable energy like photovoltaic and wind powers, Saudi Arabia has a great strength in producing green hydrogen. The country is also pushing to build the world’s largest green hydrogen production facility. Korea is at the forefront when it comes to hydrogen utilization and distribution capacities. We have unmatched competitiveness globally in fuel cells for hydrogen-powered vehicles and are also planning to build a liquefied hydrogen plant with the world’s largest capacity for mass transportation and storage. If Saudi Arabia’s green and blue hydrogen production capabilities are combined with Korea’s utilization and distribution capacities, our two countries will be able to jointly take the lead in the hydrogen economy. 

Second is cooperation in future city construction. Saudi Arabia is building NEOM – a carbon-zero, eco-friendly smart city – on a site 44 times the size of Seoul. When Saudi Arabia’s insight into the future meets Korea’s artificial intelligence, big data and other state-of-the-art digital technologies, this imagined city will become a reality. One Korean company is already participating in The Line, the NEOM project’s first smart city, and others intend to actively take part in developing new cities in Saudi Arabia, for instance, through the Smart City Cooperation Center and housing cooperation programs. I hope that our two countries will work together in various NEOM-related plans and make Saudi Arabia’s second and third mega-projects a success.

Third is cooperation in the area of new growth engines. Amid the COVID-19 pandemic, our two countries have confirmed the possibility of healthcare and medical service-related cooperation with regard to diagnostic kits and other epidemic prevention and control supplies, COVID-19 vaccines and treatments as well as the joint production of respirators. Recently, Korea’s AI medical software Doctor Answer obtained successful results in a clinical trial in Saudi Arabia, which led to the signing of a letter of intent for purchase. We must respond to COVID-19 together and create new growth engines. I look forward to our two countries spearheading future industries through cooperation in healthcare, medical services and the digital industry.

Distinguished business leaders from both countries, 

On the occasion of my visit to Saudi Arabia this time, more than 10 MOUs on economic cooperation will be signed between the two countries’ businesses in the areas of hydrogen, healthcare, the digital industry and manufacturing. This is very welcome news. Today, Crown Prince Mohammed bin Salman and I agreed to strengthen cooperation on future energy, cities and industries. Our two governments will fully support cooperation among businesses. In particular, the framework loan agreement signed this time will make financial assistance quicker and easier.

I hope that our two countries will become each other’s eternal “Rafiq,” ushering in a new future together through mutually beneficial cooperation. 

Thank you.

CHEONG WA DAE