South Korea and Saudi Arabia Discuss Expanding Economic Cooperation in Recent Phone Call
Updated (2 articles)
High‑Level Phone Dialogue Highlights Mutual Economic Priorities On December 18, 2025, South Korean Foreign Minister Cho Hyun‑un held a telephone conversation with Saudi Foreign Minister Faisal bin Farhan Al‑Saud to explore deeper cooperation across practical economic sectors [1]. Both ministers emphasized the need for continued high‑level exchanges to strengthen bilateral ties [1]. The call aimed to identify new partnership opportunities beyond existing trade frameworks [1].
Saudi Arabia Remains South Korea’s Largest Crude Oil Supplier Cho noted that Saudi Arabia supplies the majority of South Korea’s crude oil imports, maintaining its status as Seoul’s top oil source [1]. He also highlighted that Korean construction firms hold the largest number of overseas contracts in Saudi Arabia, underscoring the breadth of Korean corporate presence [1]. The discussion framed Saudi oil and Korean construction as complementary pillars of the bilateral economy [1].
Both Nations Align on Vision 2030 and Strategic Partnership Faisal affirmed that South Korea is a key partner in Saudi Arabia’s Vision 2030 development plan, seeking to expand practical cooperation under that framework [1]. Both sides described their relationship as a “future‑oriented strategic partnership” essential for continued economic growth [1]. The ministers expressed optimism that the partnership will deepen through joint projects and investment initiatives [1].
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Timeline
2019 – The United States reinstates sanctions on Iran, freezing Iranian oil‑revenue payments to South Korea and severing a key economic link between the two nations [2].
2023 – The United States lifts the asset freeze on Iran, allowing oil payments to resume and creating conditions for renewed South Korea‑Iran dialogue [2].
Dec 1, 2025 – South Korea and Iran hold working‑level talks in Tehran; Director General Chung Kwang‑yong tells Iranian counterpart Ali Asghar Mohammadi, “we must explore ways to deepen cooperation where feasible,” and seeks safeguards for South Korean nationals while discussing administrative, cultural, educational, and diplomatic projects [2].
Dec 18, 2025 – South Korea’s Foreign Minister Cho Hyun phones Saudi Foreign Minister Faisal bin Farhan Al‑Saud to expand economic ties; Cho calls Saudi Arabia “an essential partner for Seoul’s continued economic development,” noting it is Korea’s largest crude‑oil supplier and a major source of overseas construction contracts, while Faisal says South Korea is “a key partner in Vision 2030” and expects “expanded practical cooperation through continued high‑level exchanges” [1].