President Yoon Suk-yeol will visit Saudi Arabia and Qatar on a four-day, six-night state visit starting on Oct. 21. This will mark the first time a Korean head of state has paid a state visit to Saudi Arabia and Qatar.
President Yoon will arrive in Riyadh, the capital of Saudi Arabia, on Oct. 21 (local time) and begin his state visit the following day with a meeting and luncheon with Crown Prince Muhammad bin Salman bin Abdulaziz Al Saud.
President Yoon will also participate in various economic-related events, including the Korea-Saudi Arabia Investment Forum with 300 business leaders from both countries on Oct. 22, the Korea-Saudi Arabia Future Technology Partnership Forum with scientists from both countries on Oct. 23, and the 50th Anniversary of Korea-Saudi Arabia Construction Cooperation Ceremony to commemorate the 50th anniversary of Korean construction companies’ advancement into the region.
Dozens of memoranda of understanding (MOUs) will also be signed between companies and organizations from the two countries in various sectors, including energy, high-tech industries, finance, and culture.
President Yoon is also scheduled to deliver a lecture at King Saud University, a local royal university, on Oct. 23. On the final day, he will be the guest of honor at the Future Investment Initiative Forum dubbed the “Davos of the Desert” where he will explain Korea’s attractiveness as an economic and investment partner and speak with the moderator on the topic of cooperation between Korea and the Middle East.
President Yoon travels to Doha, Qatar, where he will stay until Oct. 25, continuing his state visit. On Oct. 25, he will hold a summit with Qatari Emir Tamim bin Hamad Al-Sani followed by a state luncheon.
President Yoon will attend the Korea-Qatar Business Forum and encourage participants from both countries. About 300 businesspeople from the two countries are expected to deepen economic cooperation in the energy sector, including related to LNG, hydrogen and solar power, and explore opportunities for cooperation in new industries such as high-tech, health, and culture.
Choi Sang-mok, a senior economic advisor for the Korean president, said that the significance of the trip is to reset cooperation with the Middle East, enhance infrastructure cooperation, and strengthen energy security.
Saudi Arabia and Qatar are key partners in the Middle East in terms of energy security, according to the Presidential Office. Korea’s energy dependence on these countries is 38 percent for crude oil and 21 percent for gas.
Korean companies are also heavily involved in infrastructure construction projects in the Middle East, including Neom City, a new city project led by Saudi Crown Prince bin Salman as a national project of the Middle East kingdom.
“Korea, with its advanced manufacturing technology and industrial development experience, is an optimal partner for Middle Eastern countries that are aggressively pursuing industrial diversification strategies for sustainable growth,” Choi said. “Along with traditional areas of cooperation such as energy and construction, we will expand our cooperation horizons to various fields such as electric vehicles, shipbuilding, smart farms, and cultural contents.”
Yoon will discuss ways to ensure stable oil and gas supply in the summit meetings and ask the two countries to play an active role in stabilizing the international energy market, Choi said.
“Discussions are taking place among companies of both countries and smooth progress is being made,” Choi said, regarding the status of the implementation of a US$30 billion memorandum of understanding signed between the two countries on the occasion of Crown Prince bin Salman’s visit to Korea in 2022. “There will be additional MOUs and contract discussions between Korea and Saudi Arabia this time.”
To support Yoon’s economic diplomacy, large-scale Korean business delegations will accompany Yoon. They will number 130 in Saudi Arabia and 59 in Qatar.
According to the Federation of Korean Industries (FKI), Yoon will be accompanied by Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-seon, Hanwha Group Vice Chairman Kim Dong-kwan, GS Group Chairman Heo Tae-soo, and HD Hyundai President Chung Eui-sun. Park Ji-won, vice chairman of Doosan Group and chairman of Doosan Enerbility, will also accompany Yoon. Chey Tae-won, chairman of SK Group and also of the Korea Chamber of Commerce and Industry, was not included in the delegations due to his activities for Korea’s bid to host the World Expo in Busan in 2030.
Including them, Korea’s business delegation to Saudi Arabia consisted of representatives from 130 companies and organizations, including 31 large companies, 91 small and medium-sized enterprises, and two business organizations, the FKI and the Korea Federation of SMEs.
President Yoon will travel to Qatar with 59 representatives from 11 large companies, 43 small and medium-sized enterprises, the Korea Chamber of Commerce and Industry, the Korea International Trade Association, and a union. Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun will not be traveling to Qatar.
This trip to the Middle East is particularly noteworthy because Saudi Arabia and Qatar need to cooperate with Korea in various industries.
Saudi Arabia and Korea have upgraded their bilateral relationship to a strategic partnership since Crown Prince Muhammad bin Salman’s visit to Korea in November 2022. Also, as the Neom City business cooperation is in full swing, the two countries has been enjoying a honeymoon of economic cooperation.
Qatar has also emerged as Korea’s important partner in the Middle East after the first Korea-Qatar Investment Forum was held in June and Korean shipbuilders have expected to land big liquefied natural gas (LNG) carrier orders from Qatar.
“Our economic mission is tailored to the Middle East as the group sets its sights on promoting cooperation in construction and infrastructure, smart cities and agriculture, clean energy, defense, automotive and advanced manufacturing, ICT, and biotech,” said an official of the Federation of Korean Industries. “The economic mission has representatives from Korean companies in business areas where the two Middle East countries and Korea will be able to enjoy cooperation.”
The delegations will also participate in the Korea-Saudi Arabia Investment Forum and MOU signing ceremonies and the Korea-Qatar Business Forum and MOU signing ceremonies, and trade and business meetings. Small and medium-sized Korean companies account for more than 70 percent of the delegations. The group includes representatives from companies in various sectors such as energy, construction, digital, finance, medical, and cultural content.