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Saudi Arabia, South Korea sign nuclear agreement

Xinhua, March 4, 2015 Adjust font size:

Saudi Arabia and South Korea agreed on Tuesday to enhance cooperation in nuclear power development, transport and scientific research, Saudi Press Agency reported.

The two countries sign an agreement and two memorandums of understanding on cooperation in those fields on the sidelines of a visit here by South Korean President Park Geun-hye.

The nuclear agreement is for Saudi Arabia to expand its peaceful use of nuclear power. In 2013 the country announced a plan to establish 17 nuclear reactors worth over 100 billion U.S. dollars by 2030 to meet electricity demands.

The visit by Park was the first to Riyadh by the South Korean president since King Salman bin Abdulaziz Al Saudi took over from his brother, King Abdullah bin Abdulaziz Al Saudi, who passed away in January.

Since then Saudi Arabia has been inviting world leaders to hold talks and further strengthen ties with foreign countries.

South Korea is the kingdom's fourth largest economic partner. In 2013, Saudi Arabia exports to South Korea exceeded 35 billion dollars, with imports at 10 billion dollars. Endit