SEOUL (Reuters) – South Korean President Yoon Seok-yeol met with Saudi Arabia’s Crown Prince Mohammed bin Salman on Wednesday, agreeing to strengthen ties in energy, defense industries and construction projects. Saudi Arabia signed an investment deal worth $30 billion with South Korean companies.
At the meeting, President Yoon said Saudi Arabia was an important partner in economic and energy security and hoped to expand cooperation between the two countries.
Noting the long-standing role of South Korean companies in building domestic infrastructure, Prince Mohammed said he hoped to strengthen cooperation based on trust between the two countries. “In particular, we would like to significantly strengthen cooperation with South Korea in areas such as the defense industry, infrastructure and construction,” he said.
Ahead of the summit, South Korea’s Ministry of Commerce, Industry and Energy said that Korean companies such as Samsung C&T and POSCO have signed more than 20 agreements with Saudi Arabia in areas such as energy cooperation, railways, chemicals and pharmaceuticals.
Saudi state oil company Saudi Aramco also announced plans to invest $7 billion in the Ulsan plant of its subsidiary S-Oil, a South Korean oil refiner.
*Photos have been updated.