SEOUL, KOREA — President Lee Myung-bak arrived in Saudi Arabia on Tuesday and met with Saudi Arabia's oil minister Ali al-Naimi to strengthen ties in the energy sector.
During the meeting, Naimi promised to provide Korea with additional oil, if needed, and meet any request made by the Korean government with regards to oil supply and demand.
And on his second day there President Lee and Saudi Defense Minister Prince Salman agreed to expand and develop their cooperation in the defense industry to a more comprehensive and strategic level.
This includes export of munitions to the Arab country, joint production of defense articles with a third country, and signing of a defense cooperation agreement.
Prince Salman stressed that the Saudi government's invitation to President Lee to attend the country's biggest and only cultural event, the Janadriyah Festival, as the guest of honor this year, is a reflection of the depth of bilateral relations between the two nations and the interest and love Saudi people have toward Korea.
A high-ranking official at the presidential office explains that the fact that the Saudi government invited Korea as guest of honor at a time when the Arab country is preparing many huge construction and welfare projects, could be a very important momentum for Korean companies.
The projects include building 500 million new houses in the country, in which Korean companies are wishing to participate in the pilot stage of constructing 10-thousand houses.