South Korea, Saudi Arabia agree to strengthen political cooperation in key industrial initiatives


Foreign Minister Chung Eui-yong (right) poses for a photo with his Saudi counterpart, Faisal bin Farhan Al Saud, during bilateral talks held on the sidelines of the United Nations General Assembly in New York on Thursday , in this photo provided by the Foreign Ministry. (Foreign ministry)

Senior diplomats from South Korea and Saudi Arabia agreed to step up cooperation to create synergy between countries’ key industrial policy initiatives aimed at securing future engines of growth.

Foreign Minister Chung Eui-yong and his Saudi counterpart, Faisal bin Farhan Al Saud, shared their agreement in bilateral talks held on the sidelines of the United Nations General Assembly in New York on Thursday (local time).

In particular, they agreed to work on ways to link Korea’s Green New Deal and Saudi Arabia‘s Vision 2030, the ministry said.

The Green New Deal, proposed by President Moon Jae-in, aims to promote digital and green energy projects and achieve carbon neutrality by 2050. Vision 2030 is Riyadh’s main reform impetus aimed at reducing its dependence on oil and on securing other growth engines.

During the talks, Chung expressed hope that Korean companies will continue to have the opportunity to participate in large infrastructure projects in Saudi Arabia to help advance his Vision 2030 initiative.

After the talks with Faisal, Chung also had separate talks with Egyptian Foreign Minister Sameh Shoukry, the ministry said.

Chung and Shoukry agreed on the need to push for a bilateral free trade agreement and launch a feasibility study for the potential FTA. Chung also requested Cairo’s support for South Korean companies working in Egypt.

During the talks, Chung invited each of the ministers to the United Nations peacekeeping conference Seoul is due to host in December. (Yonhap)

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