UAE pledges $30 billion investment in Korea after summit

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UAE pledges $30 billion investment in Korea after summit

Published: 15 Jan. 2023, 19:19 Updated: 16 Jan. 2023, 10:32

President Yoon Suk Yeol, right, and United Arab Emirates (UAE) President Mohammed bin Zayed Al Nahyan, left, view an honor guard during an official welcome ceremony Sunday ahead of a summit. [JOINT PRESS CORPS]

The United Arab Emirates (UAE) pledged to invest $30 billion in Korea following a bilateral summit between President Yoon Suk Yeol and UAE President Mohammed bin Zayed Al Nahyan Sunday.

The UAE president told Yoon during their talks that he "decided to invest in the Republic of Korea, with confidence that it keeps its promises under any circumstance," according to the presidential office.

The two sides focused on nuclear energy, arms and infrastructure cooperation and discussed ways to upgrade their relations to a "special strategic partnership," said the presidential office.

Yoon is the first foreign leader to pay a state visit to the country since President Mohammed was inaugurated in May 2022.

Yoon and first lady Kim Keon-hee were welcomed by an honor guard in a ceremony at the Qasr Al Watan palace in Abu Dhabi Sunday. An air show with seven UAE fighters also took place over the presidential palace.

"I am delighted to visit the UAE on my first overseas tour of the new year and have a meeting with President Muhammad," said Yoon in opening remarks. "This first state visit since the establishment of diplomatic ties in 1980 demonstrates the strong will of our two countries to develop bilateral relations."

Yoon said he hoped to strengthen strategic cooperation in the four key areas of nuclear power, energy, investment and defense, as well as in new industries, health and medical care, and people-to-people exchanges, which "will become an important starting point to develop the special strategic partnership between Korea and the UAE to the highest level."

The UAE president also said he hopes to "further develop our strategic partnership with Korea."

He noted that the UAE is "dramatically expanding cooperation with Korea in all areas," including nuclear power, renewable energy, hydrogen, defense technology, climate change, space, digital transformation, infrastructure, smart agriculture, food security and water resources.

Yoon extended an invitation to visit Korea "at a convenient time" and the UAE leader said that Korea is a "second home" in his heart.

Yoon's summit with the UAE president was followed by an expanded meeting and a ceremony to sign 13 memoranda of understanding (MOUs) in the areas of nuclear cooperation, energy, investment and defense. They also held a state luncheon.

Earlier Sunday morning, Yoon and first lady Kim Keon-hee visited the Wahat Al Karama war memorial and the Sheikh Zayed Grand Mosque in Abu Dhabi.

On Saturday, Yoon, first lady Kim and their entourage departed on Air Force One from Seoul Air Base in Gyeonggi, kicking off an eight-day trip to the UAE and Switzerland.

Yoon's jet was escorted by four UAE Air Force fighters as it entered the UAE's airspace.

After arriving at the Abu Dhabi International Airport on Saturday afternoon, Yoon was greeted by UAE officials including Foreign Minister Abdullah bin Zayed Al Nahyan, Energy and Infrastructure Minister Suhail bin Mohammed Al Mazroui and Khaldoon Khalifa Al Mubarak, chairman of the Executive Affairs Authority of Abu Dhabi.

The presidential palace of lit with red and blue light, the colors of the Republic of Korea national flag, the Taegukgi, to celebrate Yoon's visit.

This is Yoon's first trip to the Middle East since taking office last May. He is the first Korean president to make a state visit to the UAE since the two countries established diplomatic ties in 1980.

Yoon was accompanied by a large business delegation comprised of representatives of some 100 companies. There were also seven ministers in his entourage.

On Saturday evening, he met with some 150 Korean residents in Abu Dhabi and called the two countries "optimal partners" as the UAE is the only Middle Eastern nation to have a so-called special strategic partnership with Korea.

"The UAE, which is preparing for a post-oil era, and Korea, with its innovative ideas and technological prowess, are optimal partners," said Yoon. "On the occasion of this state visit, I will establish a foothold for a groundbreaking leap for the future co-prosperity of our two countries."

The visit was also an opportunity to discuss cooperation with UAE sovereign wealth funds.

During the visit to the UAE, Yoon will make a visit to the Korean Army's Akh unit and the Barakah nuclear power plant.

Korea deployed the Akh unit in January 2011 to help train the UAE's special forces during peace time and protect Korean residents there. The Akh unit's name comes from the Arabic word for "brother."

The Barakah nuclear power plant built by South Korean companies in Abu Dhabi's far western desert, is the first such facility in the Arab region. Yoon was expected to reiterate his plans to end his predecessor's policy of weaning Korea off nuclear power on this visit, according to the presidential office.

Yoon's visit coincides with Abu Dhabi Sustainability Week, which runs from Saturday to Thursday.

Yoon is also scheduled to visit Dubai, a financial hub for the Middle East.

The last bilateral summit between Korea and the UAE took place in February 2019.

President Yoon Suk Yeol, center, and first lady Kim Keon-hee visit the Sheikh Zayed Grand Mosque in Abu Dhabi Sunday during a state visit to the United Arab Emirates. [YONHAP]

BY SARAH KIM [kim.sarah@joongang.co.kr]