S. Korea, Saudi Arabia agree to boost policy cooperation in key industrial initiatives

S. Korea, Saudi Arabia agree to boost policy cooperation in key industrial initiatives

By YonhapPublished : Sept 24, 2021 - 11:19       Updated : Sept 24, 2021 - 11:19

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The top diplomats of South Korea and Saudi Arabia have agreed to boost cooperation to create synergy between the countries' key industrial policy initiatives aimed at securing future growth drivers.

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

They, in particular, agreed to work on ways that would 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 push for digital and green energy projects and achieve carbon neutrality by 2050. The Vision 2030 is Riyadh's key reform drive aimed at reducing its dependence on oil and securing other growth engines. 

At the talks, Chung expressed hope that Korean companies will continue to have the opportunity to take part in large infrastructure projects in Saudi Arabia to help advance its Vision 2030 initiative.  

After the talks with Faisal, Chung also held 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 start a feasibility study for the potential FTA. Chung also asked for Cairo's support for South Korean companies working in Egypt.

During the talks, Chung invited each of the ministers to the UN peacekeeping conference Seoul is due to host in December.