Celebrating Saudi Arabia’s 53 years of bilateral ties with Korea on its 85th National Day

At the 85th National Day of Kingdom of Saudi Arabia reception in Seoul, Korea.

This year’s 85^th anniversary of the National Day of the Kingdom of Saudi Arabia comes at a time when the development renaissance in the Kingdom is continuing apace.

The foundations of the revival of the Kingdom were laid by the Founder His Majesty King Abdul-Aziz Bin Abdul Rahman Al Saud. Based on the intellectual and institutional fundamentals laid by the late Founder and guided by His Majesty’s ideas and practices in development planning and economic management, his sons and successors have continued the grand efforts in all fields.

At the 85th National Day of Kingdom of Saudi Arabia reception in Seoul, Korea.

Such endeavors have resulted in remarkable achievements and successes. There have been a continued rise in living standards, improvements in quality of life, comprehensive construction and industrial revival, and advanced economic and social services throughout the country.

Over successive decades, structural, socioeconomic advances have been achieved at both the macro and sectorial level. The Saudi economy has strengthened, increasing its ability to adapt to changes and developments and withstand global economic fluctuations.

Since the establishment of diplomatic relations between the Kingdom of Saudi Arabia and the Republic of Korea in 1962, both countries have witnessed amazing developments in all aspects of the political, economic, cultural, education, military and health fields.

The Royal Embassy of Saudi Arabia opened in 1974 in Seoul – the first Arab embassy in the Republic of Korea. In the early stages of bilateral ties, both countries made a number of significant achievements, including the participation of Korean experts and manpower in Saudi Arabia to modernize its infrastructure with the implementation of roads, public buildings, water desalination, power generation, information technology and many other various industrial projects.

In 2014, the bilateral trade volume reached almost $45 billion, and has hit $20 billion as of August 2015. Currently, Saudi Arabia is a major trading partner to the Republic of Korea, being Korea’s fourth-largest importer, while Korea is Saudi’s fifth-largest exporter.

The visit of Korean President Park Geun-Hye to the Kingdom of Saudi Arabia in March 2015 was one of the most essential recent developments between the two countries.

The Saudi-Korea bilateral summit talks included a number of topics of common interest. Among these issues was cooperation in the fields of diplomacy, security, nuclear energy, construction, medical services, and information and communication technology.