President Yoon Suk Yeol and Saudi Crown Prince Mohammed bin Salman have agreed to expand South Korean firms’ participation in the construction of the infrastructure for mega smart city project NEOM, located in northwestern Saudi Arabia.  They also agreed to enhance and encourage their nations’ mutual cooperation in multilateral sectors including that of defense and future energy.

The two leaders decided to further develop their bilateral relations into a "future-oriented strategic partnership" and agreed to establish a "strategic partnership committee" to facilitate the launch of joint projects.

Earlier, more than a dozen business agreements were announced at an investment forum set up by Saudi Arabia’s Ministry of Investment and South Korea’s Ministry of Transport, Infrastructure and Energy, valued at a combined 30 billion U.S. dollars.

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