Yoon pitches S. Korea's investment appeal to Middle East

South Korean President Yoon Suk Yeol on Tuesday pitched his country's appeal as an investment and business partner for the Middle East.

In a speech during the Future Investment Initiative forum in Riyadh, dubbed "Davos in the Desert," Yoon said South Korea can be trusted, has cutting-edge industries, and aims for mutual growth through solidarity.

In particular, he cited the hard work of South Korean companies and workers during the construction of a highway in Saudi Arabia in the 1970s, and additional construction projects it led to not only in Saudi Arabia but also in the wider region.

"Even as uncertainty has become the new normal, because of geopolitical tensions and supply chain disruptions, the trust of Middle Eastern countries in the Republic of Korea continues," Yoon said, referring to South Korea by its formal name.

"Saudi Arabia announced energy, defense industry and infrastructure construction projects worth $29 billlion on the occasion of Crown Prince Mohammed bin Salman's visit to South Korea last year. This year, the United Arab Emirates pledged an unprecedented $30 billion in investment (in South Korea)," he said.

The speech came on the last day of Yoon's four-day state visit to Saudi Arabia, shortly before he departed for Qatar for a two-day state visit.

He said South Korea is leading high-tech industries through innovation, with more than 20 percent of the world's semiconductors, rechargeable batteries and smartphones made by South Korean firms.

Moreover, South Korea has "unrivaled" expertise in nuclear power plant construction, as seen in the Barakah nuclear power plant in the UAE, and has the ability to produce diverse global cultural contents exemplified by BTS, BLACKPINK and the Netflix hit "Squid Game," he said.

"The Yoon Suk Yeol government has made it an administrative goal to create a global pivotal state," Yoon said. "Now the Republic of Korea will share with many nations the experience of growth and development it gained through the international community's assistance and support over the years, and together with the Middle East and the rest of the international community, create a prosperous future by sharply increasing official assistance, as well as technological and people-to-people exchanges." (Yonhap)