President Moon Jae-in is set to hold a summit with Crown Prince Mohammed bin Salman of Saudi Arabia on Wednesday to discuss ways to expand economic cooperation and bolster bilateral ties.

Moon and Prince Mohammed plan to hold a summit and an expanded meeting involving their aides later in the day, followed by a ceremony to sign a set of tentative agreements on cooperation and an official luncheon, according to the presidential office Cheong Wa Dae.

Prince Mohammed is making his first trip to South Korea for a two-day stay starting on Wednesday. It is the first visit to the country by a Saudi crown prince since 1998.

Saudi Arabia is South Korea's biggest trading partner in the Middle East and the No. 1 crude oil exporter to Asia's fourth-largest economy.

Moon and Prince Mohammed are expected to assess their bilateral ties and discuss ways to expand cooperation in many fields.

Beyond traditional fields like construction and energy, the two nations are seeking to increase the scope of cooperation into other sectors, including ICT, nuclear power and health care.

Moon is also expected to solicit support from Saudi Arabia for the South's efforts to build peace on the Korean Peninsula.

President Moon will host an official luncheon for the crown prince that will be also attended by the heads of four conglomerates, including Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Group Executive Vice Chairman Chung Euisun. (Yonhap)