2023/10/30
The South Korean President visited the Kingdom of Saudi Arabia.
During this visit, several significant agreements were signed, further strengthening the ties between the two nations:
- Cooperation in the field of investment and trade.
- Cooperation in the field of energy and industry.
- 現代汽車將在沙烏地設立公司。PIF擁有70%、現代擁有30%新公司的股份。投資金額預計超過18億沙烏地里拉，將從2026年起每年產出50,000輛電動與傳統汽車。
- An agreement between the National Korean Oil Company and Aramco to establish a joint crude oil reserve of 5.3 million barrels in a storage facility in Ulsan, South Korea, by 2028.
- The Hydrogen Oasis cooperation initiative, which will call for the establishment of separate working groups for each step of the hydrogen value chain, from production to distribution and use.
Korean Investments in the Kingdom Worth $15.6 Billion:
- $5 billion for the Green Hydrogen project.
- $2 billion for the Smart Infrastructure project.
- $3 billion for the Renewable Energy project.
Importance of the Visit:
- The new agreements will add to the memoranda of understanding and contracts worth $29 billion signed during the visit of the Saudi Crown Prince to Seoul last November.
- The Chief Presidential Assistant for Economic Affairs in South Korea mentioned that there are tangible results in more than 60% of the projects worth $29 billion, including laying the foundation stone for the "Shaheen" petrochemical plant in Ulsan city and establishing a joint capital fund worth $160 billion.
- South Korean companies participated in bidding for projects worth $25 billion out of a total of $50 billion related to Saudi Vision 2030.
- This visit and the agreements highlight the importance of the Kingdom as an investment destination for foreign investors and affirm Saudi Arabia's commitment to achieving its 2030 vision.