The Royal Court announced today that at the official invitation of its government Crown Prince Abdullah Ibn Abdul Aziz, Deputy Prime Minister and Commander of the National Guard, will pay a state visit to the Republic of South Korea from Friday October 23 to Sunday October 25, 1998.
The Korean Ambassador to the Kingdom said at a press conference in Riyadh today that the Crown Prince would meet with president Kim Dae-Jung and Premier Kim Jung-Pil, senior government officials and Korean businessmen, adding that the visit would give great momentum to further boosting the relations of friendship and cooperation between the two countries, and pointing out that Saudi Arabia was South Korea's largest source of energy, supplying more than 35 percent of its oil needs. Moreover, South Korea is the Kingdom's third largest trading partner, with the overall trade exchange amounting to over U.S. $ 8 billion last year. In 1997, Saudi exports to South Korea, mainly oil and petrochemicals, amounted to U.S. $ 7 billion, and imports from Korea to U.S. $ 1 billion, mainly textiles, automobiles, electronics and other industrial goods.
The Korean Ambassador praised the current cooperation between the two countries for the realization of peace and security in the world, indicating that South Korea supports the Kingdom's policy aimed at enhancement of stability in the Middle East and appreciates its role as a major force in the region.
The Korean Ambassador went on to state that mutual investment would be one of the important areas for increasing cooperation between the two countries and welcomed Saudi investors in South Korea. He expressed the hope that the signing of an investment protection agreement, expected to take place soon, would lead to greater cooperation between businessmen in the two countries.