Seoul and Riyadh sign $30 billion investment agreements
The leaders of South Korea and Saudi Arabia promised to strengthen ties in energy, defense and construction. According to NEWS.am Riyadh has signed investment agreements worth $30 billion with South Korean companies.
South Korean President Yoon Suk-yeol told Saudi Crown Prince Mohammed bin Salman that he hopes the two countries can expand cooperation, calling the Middle Eastern country a key partner for economic and energy security.
He said he hopes to see South Korean companies participate in projects such as Saudi Arabia's NEOM smart city and to develop further cooperation in the defense industry and energy of the future.
Prince Mohammed noted the role of South Korean businesses in developing Saudi Arabia's national infrastructure, saying he wanted closer cooperation with South Korea.
"In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," the South Korean presidential office said.
South Korea's Industry Ministry said Samsung C&T Corp and POSCO Holdings Inc have signed more than 20 agreements with Saudi counterparts in areas such as energy cooperation, railroads, chemicals, pharmaceuticals and gambling.
Saudi Asharq TV quoted the kingdom's investment minister as saying that the deals are valued at $30 billion.
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