UAE set to invest $30b in South Korea

Advertisement

President Yoon is on a multi-day visit to the UAE, which is his first visit since assuming his presidential duties….reports Asian Lite News

The UAE has announced that it will invest $30 billion in strategic sectors in South Korea as the two countries signed a number of agreements and Memorandums of Understanding (MoUs) that aim to develop cooperation in various fields.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and his visiting South Korean counterpart Yoon Suk Yeol, have attended the exchanging of these agreements. Both leaders have also reviewed opportunities to develop joint cooperation in various fields within the framework of the special strategic relations that unite Abu Dhabi and Seoul.

The agreements and MoUs announced included an MoU in hydrogen energy use in cities, its production, transmission and storage between the UAE Ministry of Energy and Infrastructure and the Korean Ministry of Land, Infrastructure and Transport.

President Yoon is on a multi-day visit to the UAE, which is his first visit since assuming his presidential duties.

Sheikh Mohamed expressed his aspiration that President Yoon Suk Yeol’s visit would constitute a formidable addition to the strategic UAE-Korea relations.

The two sides discussed various paths of cooperation and development in the investment, economic, scientific, cultural and advanced technology fields, in addition to renewable energy and other vital areas of interest within their two countries’ future plans.

They also exchanged views on a number of regional and international issues of mutual concern.

Clean energy

Recognising the importance of stability in global energy supply chains, the two leaders agreed to establish a Comprehensive Strategic Energy Partnership (CSEP) to strengthen cooperation across key energy sectors, including oil & gas, strategic storage, renewable energy, hydrogen, and hydrogen derivatives.

The two leaders acknowledged CSEP provides a platform for further cooperation in clean energy fields such as the production and utilisation of hydrogen and ammonia, deployment of clean energy infrastructure, and development of industrial ecosystems for renewable energy.

Peaceful nuclear energy

The Presidents have expressed their determination to deepen and accelerate collaboration in the peaceful nuclear energy sector, both by successfully completing the Barakah Nuclear Energy Plant (BNEP) project and by jointly pursuing additional nuclear projects, whether in the UAE or third countries.

Both leaders are also visiting the Barakah Nuclear Energy Plant and participating in a ceremony commemorating the completion of Unit 3 of the 4-unit Barakah Nuclear Energy Plant, recognising peaceful nuclear energy as one of the key pillars of bilateral collaboration between the two countries.

The multi-unit Barakah Nuclear Energy Plant is dramatically accelerating the decarbonisation of the UAE’s power sector in support of the latter’s pledge to reach Net Zero by 2050.

Economy & Investment

As part of the wider Special Strategic Partnership framework, and building on the UAE’s confidence in the ROK’s economic strength and growth prospects, the UAE announced a commitment by its sovereign wealth funds to invest $30 billion in strategic sectors in the Republic of Korea.

The leaders noted the importance of building dynamic global economies and highlighted the numerous economic initiatives recently launched in the UAE, in addition to the comprehensive development of economic legislation in the UAE.

The UAE encouraged the ROK business community to capitalise on these incentives and investment opportunities in various economic and trade sectors.

Defence Technology

With the aim of further promoting close cooperation, both leaders recognised the importance of advancing the relationship in defence technology to a strategic level that includes joint investment, research and technology development; and welcoming the signing of a Memorandum of Understanding for joint collaboration in this field.

In this regard, the two leaders affirmed that the aerospace industry cooperation discussed during the summit has generated impetus for expanding defence technology cooperation in the medium and long term and agreed to further strengthen collaboration for the joint development of a wide range of defence technologies.

Space

The two leaders, affirming the importance of bilateral cooperation for the peaceful and sustainable use of space, agreed to further enhance close cooperation in space in a mutually beneficial manner. The two leaders welcomed the amendment of the pre-existing Memorandum of Understanding on Space Cooperation to expand the scope of cooperation between the Ministry of Science and ICT and the UAE Space Agency to cover a variety of additional areas, such as space exploration, satellite-based positioning systems, and earth observation.

ALSO READ: UAE affirms enduring support for energy transition

[mc4wp_form id=""]