Assalam Alaikum, Good evening,
Your Excellency Minister Al-Jasser,
Members of the Korea-Saudi Joint Committee,

It is my great pleasure to visit Riyadh for the 17th Meeting of the Korea-Saudi Joint Committee. I thank Your Excellency Minister Al-Jasser and the Saudi Government for the warm hospitality and the efficient preparations of today’s meeting in such a short period of time.

This meeting is very timely and meaningful in several aspects. It follows the excellent summit meeting between President Park and Crown Prince Salman in Brisbane and our meeting in Seoul last October. It also comes as we are gearing up for my President's visit to this Kingdom next year.

Furthermore, this is the first Joint Committee meeting since we celebrated the 50th anniversary of diplomatic ties in 2012. As such, it is a valuable occasion to reflect on what we have achieved and to explore new ways to deepen and expand our relationship in the years ahead, in such a way to promote our economic cooperation with strategic focus as Your Excellency emphasized in Seoul.

Looking back, we can take pride in the solid economic partnership we have built over the decades. We have worked closely together in the traditional fields of energy and construction. Our trade has expanded to 47 billion U.S. dollars last year. Saudi Arabia is Korea’s fourth largest trading partner, while Korea is Saudi Arabia’s fifth largest. And two way bilateral investments are on the rise in recent years – Saudi Aramco's expansion of its investment in Korea this year is a good example.

But as Your Excellency just mentioned that is not sufficient. This is why we are now poised to raise and expand this important relationship into a new, strategic dimension.

So, let me share some thoughts on our future relationship.

First, our cooperation will be expanded to a broad spectrum of areas.

While we will continue to work on the traditional areas of energy and construction, we will take our cooperation to new areas: finance, healthcare, renewable and nuclear energy, transportation, water desalination, agriculture, and even defense, to name a few.

Second, our collaboration will focus more on knowledge, knowhow, and technology.

Korea has accumulated vast experience and industrial technologies in many areas, while Saudi Arabia is moving into a knowledge-based economy diversifying its economic bases, as Your Excellency mentioned. We are perfect partners who can combine ideas and create a synergy effect.

Korean companies, big and small, have already been boosting future-oriented investments in the Kingdom. They recognize the strategic significance and potential of Saudi Arabia as a gateway to the Middle East and the Arab world.

To give a few examples: Daewoo International's investment in manufacturing Saudi brand automobile parts; KCC's launch of a polysilicon production facility; and LG's operation of an air conditioner factory. All these Korean companies are contributing to a future-oriented economic partnership.

Also, many small and medium-sized enterprises with innovative technologies are exploring the possibilities of doing business in this region.

Third, we need to reinforce mechanisms and business links to maximize our complementarity.

As our collaboration expands into sophisticated areas, we will share more value chains that connect our companies and industries.

In this regard, I believe that the resumption of Korea-GCC FTA negotiations in the not too distant future is important. A Korea-GCC FTA will help us fully utilize the complementarity of our economies, as well as make our economic partnership more efficient and competitive.

Fourth, we will have to increase people-to-people exchanges, including in training and education.

Exchanges of people and culture are the glue that binds us together. And encouraging our young generations to study in each other’s universities will foster understanding.

Already, Korean companies like Samsung and Hyundai have been operating vocational education facilities to nurture young Saudi professionals and skilled workers.

In this regard, it is very meaningful that today, we agreed to further discuss the possibility of more training programs between the two governments.

Fifth, we will engage more closely with each other to discuss global and strategic issues.

As members of G-20, we are already active in discussions on globally important issues. In this interconnected world, our prosperity is heavily affected by the geo-strategic and geo-economic situations. As we deepen our partnership, we will have to intensify bilateral dialogues on our policies, and our views on the strategic issues.

Your Excellency,

I heard that there is an Arab proverb saying, "Rafig-ku Ggabla Ttarig-ka", or "Choose your travelling companions first and then the path you will take." To the Republic of Korea, the Kingdom of Saudi Arabia has been a "companion" throughout the history of its economic growth. And I truly believe that we will continue our journey together to the next 50 years and beyond. In my speech in Amman yesterday at the Korea-Middle East Forum, I remarked next year will be the year of the Middle East, starting with my President’s visit to Saudi Arabia.

As our ties advance towards new heights, let us join hands to ensure that my President’s visit will generate fresh momentum and open a new chapter in our bilateral relationship. I truly hope that what we have discussed and agreed upon today will yield concrete results in an efficient manner in the coming months.

In closing, thank you again for your warm welcome, and I look forward to seeing you again soon.

Thank you very much. Shukran Jazeelan!