ABSTRACT
This chapter offers a historical survey of ROK–KSA relations centered on bilateral economic cooperation that dates back to the 1973 oil embargo. Of particular interest is the structural complementarity between the South Korean and Saudi economies that later laid the groundwork for introducing Saudi–Korea Vision 2030. Historically, Saudi Arabia has occupied strategic significance in South Korea’s foreign policy calculus as the largest producer and supplier of crude oil. On the other hand, as an oil-deficit economy, South Korea’s skilled manpower also offered the basis for strengthening economic cooperation since the nascent days of state-building. In addition to traditional diplomacy, this chapter also examines how government-to-business relations and state-business relations have synergized Saudi–ROK bilateral relations after the 1997 Asian Financial Crisis.
