President Yoon Suk Yeol attended a South Korea-Saudi Arabia investment forum in Riyadh on Sunday.

The forum was attended by about 180 people each from the two countries, including government officials and business leaders.

President Yoon said that a partnership between South Korea, with its cutting-edge technology and successful experience in industrial development, and Saudi Arabia, with its abundant capital and growth potential, can create a synergy stronger than any other bilateral effort.

Mentioning Saudi Arabia’s “Vision 2030” national development strategy, the president stressed that the two nations should now expand their partnership from oil and construction to manufacturing, clean energy and all areas related to the plan.

On the occasion of the forum, the two nations signed 46 memoranda of understanding or contracts in clean energy, electric vehicles, digital and smart farm areas.

The contracts include one between the state-run Korea National Oil Corporation and Saudi Arabia's state-run Saudi Aramco to create a joint crude oil reserve of five-point-three million barrels at a storage facility in the South Korean city of Ulsan by 2028.