Saudi-South Korean Relations
Saudi-South Korean relations, these are the diplomatic relations between the Kingdom of Saudi Arabia and the Republic of South Korea, and they date back to 1962, i.e.: thirty years after the unification of Saudi Arabia was declared, and they were launched from the perspective of Saudi foreign policy, based on seeking relations that achieve the country's interests and diversifying diplomatic connections with all countries, in line with the principles on which Saudi Arabia is founded.
History of Saudi- South Korean relations
The first South Korean diplomatic mission in Saudi Arabia was established in 1973, eleven years after the relations between the two countries began, while the first Saudi embassy was opened in South Korea in 1974.
The bilateral relations between Saudi Arabia and South Korea experienced notable developments, as both countries are keen to extend them to advanced horizons. Hence, the Saudi- South Korean Joint Committee was established to enhance relations and shared interests, including the Saudi- South Korean Parliamentary Friendship Committee which works with its counterpart in the Korean Parliament on what will increase cooperation in various fields.
Furthermore, through agreements and reciprocal visits between the leaderships of Saudi Arabia and South Korea, existing communication channels such as the Saudi- South Korean Joint Committee and the Saudi- South Korean Vision 2030 Committee were enhanced, in addition to strengthening defense cooperation at the vice-ministerial level through the Cooperation Committee established in 2019.
Saudi-South Korean official visits
Saudi visits to South Korea:
- King Abdullah Bin Abdulaziz Al Saud visit when he was Crown Prince in 1998.
- The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud visit when he was the Governor of Riyadh in 1999.
- Crown Prince His Royal Highness Prince Mohammed Bin Salman Al Saud visit in 2019.
- Crown Prince His Royal Highness Prince Mohammed Bin Salman Al Saud visit in 2022.
South Korean visits to Saudi Arabia:
- Visit of Prime Minister of the Republic of Korea Lee Hai-Chan in 2005.
- Visit of Her Excellency Mrs. Park Geun-hye, President of the Republic of Korea, in 2015.
- Visit of President Moon Jae-in of the Republic of Korea in 2022.
- Visit of President Yoon Seok-youl of the Republic of Korea in 2023.
Partnership between Saudi Arabia and South Korea
Saudi Arabia and South Korea have keenly developed their economic relations across all sectors, thereby strengthening economic partnerships, and throughout their relationship journey, the countries have signed a number of economic and investment agreements between Saudi and Korean companies.
The relations saw another leap during the Saudi- South Korean summit held in Riyadh in 2015, which supported the progress of relations between the two countries, encompassing economic areas specific to the oil and construction sectors, as well as areas of culture, food, health, trade, industry, renewable and atomic energy.
In line with the strategy of both countries to establish an operational framework that enhances growth in relations, the first Saudi- South Korean Economic and Business Forum held in 2014 added a new dimension to economic and trade relations between the two countries, which has contributed to promoting cooperation in areas of health, medicine, human resource development, nuclear energy, and investment in various fields, especially industrial and technical.
There are many successful partnerships between the two countries, with Saudi Aramco being one of the largest Saudi companies investing in the South Korean market by owning about 60 Percent of the market value of the largest Korean oil company (S-Oil). Additionally, Samsung Engineering and Hyundai Group, both Korean, secured a contract to execute some tasks for Al- Jafurah Gas Field project in Saudi Arabia, exceeding USD11 billion in value. Hyundai Heavy Industries Company also became a partner in the project to establish the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair.
Also, a contract worth USD2.4 billion was signed for the "Second Phase of Al-Jafurah - the Second Package for Utilities, Sulphur and Export Facilities" project, and in March 2023 the foundation stone was laid for the (Shaheen) petrochemical project in Ulsan City,valued at USD7 billion.
Cooperation and the exchange of expertise also include the field of nuclear energy. In 2018, 48 Saudi engineers began a joint project with the Korean Atomic Energy Research Institute (KAERI) in Daejeon City, to develop engineering designs for the SMART nuclear reactor in Saudi Arabia.
Saudi-Korean strategic partnership council
The two countries established the Strategic Partnership Council between Saudi Arabia and the Republic of Korea, and on October 23, 2023, they signed a memorandum of understanding regarding the establishment of the council, which defines the objectives, tasks, and scope of cooperation within the council's work, announced in 2022.
Trade exchange between Saudi Arabia and South Korea
The fruits of cooperation and partnership between the two countries saw trade exchange grow by 21 percent in 2018, to reach SAR112.5 billion. The Republic of Korea became one of the most important trade partners for Saudi Arabia, ranking among the top ten in terms of imports and exports with Saudi Arabia. Additionally, there are 120 joint Saudi- South Korean projects valued at almost USD1 billion, with 20 percent being industrial and the rest non-industrial in Saudi Arabia.
With the development of economic relations between Saudi Arabia and South Korea, trade indicators between the two countries have risen over the years, and Saudi Arabia is one of the foremost trade partners for the Republic of Korea in the Middle East. In 2021, the trade exchange volume exceeded SAR242 billion over the previous three years of that year.
The movement of exports and imports between the two countries noticeably increased, with the value of Saudi Arabia's exports to Korea reaching SAR69 billion in 2021, compared to SAR54 billion in 2020, whereas Korea's imports to Saudi Arabia totaled SAR10 billion. The trade volume between the two countries grew by 14 percent to reach SAR79 billion in 2021. The trade exchange between the two countries has continued to grow, increasing by four hundred times since the establishment of relations in 1962 until 2023.
the Saudi-South Korean committee
The two countries established a joint Saudi-South Korean committee for economic and technical cooperation, in addition to a joint business council aimed at developing and enhancing trade and economic relations between them. The trade relationship between South Korea and Saudi Arabia is among the most strategically bilateral for both states. They are also important for global economic stability, and both are members of the G20.
the Saudi- South Korean Vision 2030
The two countries share a unified strategic vision, "Saudi-Korean Vision 2030," launched in October 2017, with the formation of a joint committee of representatives from related governmental entities in both countries; to review the progress of this partnership, approve the Vision's projects and implementation plans, and overcome difficulties in its execution. Thus, the Republic of Korea is one of eight countries collaborating with Saudi Arabia to achieve Vision 2030.
Through this vision, the two countries agreed on forty initial projects and initiatives to establish the partnership, distributed among five sub-groups for governance committee tracking and support to achieve their intended goals. These groups are Energy and Manufacturing, Smart Infrastructure and Digital Transformation, Capacity Building, Healthcare and Life Sciences, and finally Small and Medium Enterprises and Investment.
Cultural cooperation between Saudi Arabia and South Korea
Saudi Arabia and South Korea share strong cultural and educational ties, with South Korea hosting more than six hundred students under the Custodian of the Two Holy Mosques Scholarship Program, supervised by the Saudi Cultural Mission. Both Saudi Arabia and South Korea give high attention to addressing issues of extremism and terrorism and work together to promote peace, stability, and security in the region and the world.
Defense cooperation between Saudi Arabia and South Korea
Saudi Arabia and South Korea have strengthened their relations in various fields, including the military field, where the two countries began cooperation in military industries. The Saudi Arabian Military Industries (SAMI) signed a memorandum of understanding with three subsidiaries of the South Korean Hanwha Group, to localize military industries in Saudi Arabia.