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S.Korea, Saudi Arabia sign total $8.3 bln worth deals

Video Credit: Reuters - Business (Amazon FireT
Published on June 26, 2019 - Duration: 01:37s

S.Korea, Saudi Arabia sign total $8.3 bln worth deals

South Korea says it and Saudi Arabia have signed deals worth a total $8.3 bln.

As Francis Maguire reports, the deals came as Saudi Crown Prince Mohammed bin Salman visits South Korea to bolster economic ties between two countries.

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S.Korea, Saudi Arabia sign total $8.3 bln worth deals

Saudi Crown Prince Mohammed bin Salman is in South Korea this week, To boost economic ties between the countries.

South Korea's President Moon Jae-in welcomed the prince to the presidential office, Where the two sides signed agreements to promote cooperation on areas including energy and public services.

Whilst the leaders met - Saudi's General Investment Authority also announced new deals to investors at a convention in Seoul.

The deals are said to be worth $8.3 billion.

(SOUNDBITE) (English): DEPUTY GOVERNOR FOR INVESTOR ATTRACTION AND DEVELOPMENT AT SAUDI ARABIAN GENERAL INVESTMENT AUTHORITY (SAGIA), SULTAN MOFTI, SAYING: "we will facilitate the exchange of 14 MOUs, Memorandum of Understanding, these MOUs span the sectors of finance, media, manufacturing, petrochemicals and renewable energy." One of those MOUs was signed between South Korea's third largest oil refiner S-Oil and its top shareholder Saudi Aramco.

S-Oil will get technical advice from the oil giant on a $6 billion project to build a petrochemical plant in South Korea.

Saudi also announced business licenses for South Korean firms. (SOUNDBITE) (English): DEPUTY GOVERNOR FOR INVESTOR ATTRACTION AND DEVELOPMENT AT SAUDI ARABIAN GENERAL INVESTMENT AUTHORITY (SAGIA), SULTAN MOFTI, SAYING: "Saudi Arabia benefits from South Korean businesses' expertise and investments while South Korean companies are able to tap into a G20 economy with strong market fundamentals across a number of strategic sectors." Prince Mohammed's trip follows a recent U.N.

Report that accused Saudi Arabia of the 'deliberate, premeditated' execution of journalist Jamal Khashoggi.

The report said the crown prince and other senior officials should be investigated over the murder which happened at the Saudi embassy in Istanbul in October last year.

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