Today marks the 4,340th Anniversary of the National Foundation Day of the Republic of Korea. On this occasion I would like to convey my sincere greetings to the friendly people of the Kingdom of Saudi Arabia.
The celebration today is more than t he official commemorations of Korean National events as dramatic changes and reforms have been achieved by the Government of President Lee Myung-bak.
For many Koreans, Saudi Arabia is one of the most impressive, friendly countries. It is not only the biggest oil supplier to Korea, but also a land where many Korean construction companies as well as hundreds of thousands of Korean workers shared their valuable sweat alongside their Saudi-colleagues during the period of industrial development in the 1970s and 80s. These workers helped in the construction of many roads, buildings, and industrial complexes in Saudi Arabia.
Since the establishment of diplomatic relations between the Republic of Korea and the Kingdom in 1962, the two countries have been enjoying strong ties of friendship and cooperation and sharing common views on international issues, including the combat against terrorism.
These friendly diplomatic ties open the doors for exchanging visits initiated by King Abdullah bin Abdulaziz, as Crown Prince, to Korea in 1998, followed by Korean Prime Ministers Lee Han-dong as well as Lee Hae-chan to Saudi Arabia in 2002 and in 2005 respectively. Our bilateral relations have been highly enhanced, in particular, by the official visit of the Korean President Rho Moo-hyun in March 2007 in 27 years as head of state.
In the cultural and educational domain, with the Annual Youth Visit Exchange Program agreed upon in 1981, more than 500 young students from both countries have engaged in exchange visits, allowing more opportunities to enlarge the scope of mutual understanding amongst the future generations. In the field of technical cooperation, approximately 400 Saudi trainees have been actively participating in vocational programs organized by the KOCIA since 1991.
The Korea-Saudi Arabia Joint Commission, co-chaired by trade ministers, has served as a regular official dialogue through discussions of economic, trade, cultural and other matters of mutual interests for the promotion of bilateral cooperation since 1981. The 14th Joint Commission was held in November 2007 in Seoul.
Undoubtedly, the most significant and important aspect of the relationship between our two countries has been the constant expansion of economic cooperation. The bilateral two-way trade volume has leaped from $4.2 billion in 1991 to $25.2 billion in 2007 with $17.2 billion of trade balance in favor of Saudi Arabia. The total Korean exports to the Kingdom in 2007 reaches $4 billion, mainly automobile, ships, steel, electronics and machinery products.Currently, there are many Korean companies operating in Saudi Arabia. Construction companies like Hyundai Construction, Doosan Heavy Industry, Samsung Engineering, Hyundai Heavy Industry, Daelim, GS Construction and Hanwha Construction have been deeply engaged in major projects in petrochemical, desalinization, power plants and so froth. Furthermore, companies such as Samsung Corp. Daewoo International, SK Networks, LG Electronics, Samsung Electronics and Daewoo Electronics are also operating for trading commodities.
Those Korean enterprises currently engaging in the construction of major projects in Saudi Arabia are exerting their utmost to fulfill the Saudi demand. The results of their works are highly dedicated to Saudi Economy, as was the case during the period of 1970s and 80s.
It is also noteworthy that Saudi investment in Korea has increased at a steady pace. As of the end of 2007 the total amount of Saudi investment to Korea has reached $661 million, including that of Aramco to S-Oil Refinery Co.
Considering the size of economy, the great potential for future development and the will of the leaders of our two countries, I am very optimistic that the days ahead will surely be very bright in realizing and expanding every possible cooperation in all fields between our two countries.
In view of the above achievement, I firmly believe that the bilateral relations between the two countries will be further promoted and flourished in the future, and as the Ambassador of the Republic of Korea to the Kingdom of Saudi Arabia, I will do my utmost efforts to enhance the existing cooperative relations to a higher level.
Again, I wish to share the celebration of this joyous day and pray for the continued prosperity of the Kingdom under the great leadership of the Custodian of Two Holy Mosques King Abdullah bin Abdulaziz, and everlasting friendship between the Republic of Korea and the Kingdom of Saudi Arabia.
