SAUDI ARABIAS’S CROWN PRINCE MEETS YOON

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Saudi Arabia's Crown Prince Mohammed bin Salman has visited Korea and met with President Yoon. The two countries have signed more than 20 MOUs.

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Mohammed bin Salman, Saudi Arabia's Crown Prince and Prime Minister visited South Korea on Thursday. He was the first foreign guest to be invited to President Yoon's new residence in Hannam-dong, where the two held a summit on Thursday morning. At the summit talks held over lunch the two leaders discussed ways to bolster bilateral cooperation through the Neom City project carried out by the crown prince.

[Soundbite] Yoon Suk-yeol(President) : "I hope that bilateral cooperation will become stronger through mega projects like Neom City, future energy, national defense and culture and tourism projects."

The visiting dignitary reciprocated by saying he wants to promote cooperation with Korea in energy, national defense, construction and infrastructure. The two countries have signed 26 MOUs. They encompass railway construction in the Neom City and green hydrogen production. S-Oil, whose major shareholder is a subsidiary of Saudi Arabia's state-run company Aramco, has decided to invest 9.2 trillion won in a next-gen factory to be built in Ulsan, the largest investment to be made by a single foreign corporation. The crown prince also met with the leaders of the Korean business community. They include Samsung Electronics Chairman Lee Jae-yong, SK Group Chair Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun as well as the chiefs of Hanwha, Doosan and other energy-related businesses. Mohammed bin Salman's visit to Korea, which focused on economic cooperation, was held under tight security away from the media spotlight. The crown prince has already left for his home country.