Yoon Suk Yeol visits Korean-made Barakah reactors in the UAE

Politics

Published: 16 Jan. 2023, 21:05 Updated: 17 Jan. 2023, 14:25

Yoon Suk Yeol visits Korean-made Barakah reactors in the UAE

President Yoon Suk Yeol, center, poses for a commemorative photo at the Barakah nuclear power plant on Monday during a state visit to the United Arab Emirates (UAE). [JOINT PRESS CORPS]

Korean President Yoon Suk Yeol visited the Barakah nuclear power plant on Monday during a state visit to the United Arab Emirates (UAE).

Yoon was accompanied by UAE President Mohammed bin Zayed Al Nahyan to attend a ceremony to mark the completion of the construction of the third reactor at Barakah in the Al Dhafra region of Abu Dhabi and check on the progress on Unit 4.

The nuclear power plant built by Korean companies in Abu Dhabi's far western desert is a key symbol of economic cooperation between the two countries.

Barakah is the first nuclear plant that Korea built abroad. A consortium led by Korea Electric Power Corp. (Kepco) won a tender to build four APR-1400 nuclear reactors in Barakah, near Abu Dhabi, in December 2009, becoming Korea's first nuclear export.

The first reactor was commissioned in April 2021 and the second in March 2022. A third and fourth reactor are currently under construction and Unit 3 is expected to be commercially operational later this year. When all four reactors are fully operational, the nuclear plant is expected to produce up to 25 percent of the UAE's electricity needs.

Speaking at the ceremony Monday, Yoon said that the Barakah nuclear power plant holds “monumental significance as it represents the special strategic partnership between the UAE and the Republic of Korea.”

He continued, “Building on the success that we have achieved jointly as partners at Barakah and capitalizing on Team Korea’s excellent nuclear technology and experience, now is the time for us to further our partnership to a greater height delivering additional cooperation in the UAE and making headway into third country nuclear markets together.”

Yoon said he hoped his state visit will serve as “a watershed for our comprehensive and strategic energy partnership” that extends beyond nuclear power to areas including hydrogen and other renewable energy sources.

The UAE president said that the partnership has brought “significant benefits” to both countries and has enabled opportunities for cooperation in many key sectors, including nuclear energy, according to the presidential office.

“I am proud of the Emirati, Korean and international teams working together at Barakah, as they complete another unit to strengthen the UAE’s clean electricity portfolio and set the global benchmark for nuclear energy project delivery,” said President Mohammed.

Yoon has been keen on stressing that his administration is moving away from his predecessor President Moon Jae-in's policy of weaning Korea off nuclear power, and restoring momentum to its nuclear power exports.

On Saturday, Yoon and first lady Kim Keon-hee kicked off an eight-day trip to the UAE and Switzerland.

Yoon was accompanied by a business delegation representing around 100 companies. They included executives from Korea's top business groups, although nearly 70 percent were from small or medium-sized companies.

On Sunday, Yoon, held a summit with President Mohammed in Abu Dhabi and discussed ways to further expand the bilateral special strategic partnership to a higher level.

The UAE pledged to invest $30 billion in Korea following the summit, in fields such as nuclear power, energy and defense.

This is considered to be the largest-ever investment in a single country pledged by the UAE, according to the presidential office, trailed by a $12.2 billion investment in the United Kingdom.

The UAE plans to invest $30 billion through its sovereign wealth fund in next-generation nuclear power such as small modular reactors, hydrogen technologies, renewable energy such as wind and solar power and defense, according to the office.

During the summit, President Mohammed said he is investing in Korea "with confidence that it keeps its promises under any circumstance," according to Yoon's presidential office.

Mohammed was quoted as saying that he was "deeply impressed" by Korean companies' efforts to fulfill contracts despite difficulties such the Covid-19 pandemic, calling Yoon's state visit a "historic moment" for the two countries' relations.

This appeared to be a reference to Korea keeping construction of the nuclear reactors for the Barakah plant on schedule.

Yoon is the first Korean president to make a state visit to the UAE since the two countries established diplomatic ties in 1980.

The two leaders witnessed the signing of 13 memoranda of understanding (MOUs) on Monday.

The countries were expected to sign some 40 MOUs on the occasion of Yoon's state visit.

Korean executives that attended a state luncheon Sunday included Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and Hyundai Motor Group Executive Chair Euisun Chung.

Later Sunday, Yoon visited the Korean Army's Akh unit, a symbol of military cooperation between Korea and the UAE, to offer words of support.

"The security of the UAE, our brother nation, is our security," Yoon told the 147-strong unit. "The UAE's enemy and biggest threat is Iran, while ours is North Korea."

He added that the "more we let the world know the strength of the Republic of Korea's defense power, we will be able to curb the enemy's intentions to conduct provocations."

Korean President Yoon Suk Yeol, left, and United Arab Emirates President President Mohammed bin Zayed Al Nahyan, center, clap during the opening ceremony of the Abu Dhabi Sustainability Week as part of World Future Energy Summit 2023 in Abu Dhabi, UAE on Monday. [EPA/YONHAP]

On Monday, Yoon gave an address at the opening ceremony of the Abu Dhabi Sustainability Week, the largest annual international energy sector event in the Middle East, stressing the importance of coming together to achieve carbon neutrality and develop clean energy.

"If the special strategic partnership between Korea and the UAE further extends to cooperation in achieving carbon neutrality," said Yoon, "our two countries will be able to enhance our leadership in the international community and create more opportunities for economic cooperation."

Yoon noted that the UAE was the first country in the Middle East to declare carbon neutrality in 2021 and is building Masdar, the world's first carbon-neutral and zero-waste city project, in Abu Dhabi, as a part of its post-oil vision of development.

He said there could be "synergy" through cooperation in the construction of smart cities.

"By tapping into Korea's world-class IT and infrastructure technologies and the UAE's experience of building and operating Masdar, our two countries can bring a sustainable future to many cities around the world," said Yoon.

He also said there is opportunity for the two countries to join efforts in clean energy development such as renewable energy, hydrogen and carbon capture, utilization and storage (CCUS), in addition to the existing cooperation in nuclear power, and "contribute to improving the global energy market's stability."

Later Monday, Yoon was scheduled to take part in a Korea-UAE business forum.

On Tuesday, Yoon was set to head to Switzerland to attend the annual meeting of the World Economic Forum, or the Davos Forum.

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