Yoon Suk Yeol wraps up visit to UAE, Switzerland

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Yoon Suk Yeol wraps up visit to UAE, Switzerland

Published: 20 Jan. 2023, 12:39

President Yoon Suk Yeol, center, visits the Swiss Federal Institute of Technology in Zurich on Thursday, as he wrapped up a four-day trip to Switzerland. [JOINT PRESS CORPS]

President Yoon Suk Yeol wrapped up a weeklong tour of the United Arab Emirates (UAE) and Switzerland, a trip which focused heavily on economic diplomacy.

In his last schedule on a four-day visit to Switzerland Thursday afternoon, Yoon called for science and technology cooperation, including in research and development, as he met with quantum physicists at the Swiss Federal Institute of Technology in Zurich (ETH Zurich).

Yoon met with Koreans living in Europe in Zurich Tuesday and had a luncheon with Korean and global business leaders and promoted Busan's 2030 World Expo bid in a Korea Night event in Davos Wednesday.

Yoon said at the luncheon attended by the leaders of Korea's top six conglomerates and 15 CEOs of multinational and global companies that he is Korea's "No. 1 salesman," stressing that his office is "always open."

On Thursday morning, Yoon addressed the World Economic Forum (WEF) and called for the strengthening of supply chains through "reciprocal solidarity."

He urged sustainable economic prosperity through stable global supply chains, a transition to a low-carbon economy, and global cooperation to bridge the gaps in responding to health threats.

Yoon noted that Korea, through its "world's top-notch production technologies and manufacturing capabilities in semiconductor, rechargeable batteries, steelmaking, and biotechnology, will be a key partner in the global supply chain."

He said that Korea, through "green" official development assistance (ODA), will help reduce the technological and financial gaps between countries so developing countries can adapt to climate change and mitigate greenhouse gas emissions.

Yoon urged the "global economic order's return to the free trade system based on the universal norms and the international community's strengthened solidarity and cooperation."

He was the first Korean president to attend the Davos Forum since 2014.

"By attending the Davos Forum, President Yoon continued his economic diplomacy by presenting a vision for the future of the Korean economy to key global figures," said National Security Adviser Kim Sung-han in a press briefing in Switzerland Thursday evening.

"Attending the forum for the first time in nine years as a Korean leader and leading international discussions strengthened the status of Korea as a pivotal global country."

In his meeting with global business leaders, Yoon expressed the Korean government's strong commitment to a market-driven economy and regulatory reforms and asked them to expand investments in Korea, added Kim.

During Yoon's trip to Davos, Vestas, a leading Danish wind turbine manufacturer, announced it will invest $300 million in Korea and decided to relocate its Asia-Pacific headquarters to the country, according to the presidential office.

Germany's Merck Life Science and Switzerland-based Novartis also discussed with Minister Lee Chang-yang a potential investment in Korea worth some $500 million on Thursday. Merck Life Science CEO Matthias Heinzel said his company is reviewing Korea as a major candidate site for a new bio materials production factory.

President Yoon Suk Yeol, right, takes part in the annual World Economic Forum in Davos, Switzerland on Thursday, the first Korean leader to do so in nine years. [JOINT PRESS CORPS]

Yoon and first lady Kim Keon-hee began their eight-day tour in Abu Dhabi on Jan. 14, accompanied by a business delegation representing 100 companies including Korea's major conglomerates but mostly small- and medium-sized companies.

This was the first state visit to the Middle East country by a Korean leader.

After their summit, Yoon and UAE President Mohammed bin Zayed Al Nahyan adopted a joint statement Monday promising to "deepen and further develop" the special strategic partnership between the countries.

In the statement, the UAE announced a commitment to invest $30 billion in strategic sectors in Korea through its sovereign wealth funds, underscoring its "confidence" in Seoul's economic strength and growth prospects.

During this visit, the two countries signed 48 memoranda of understanding (MOUs) in nuclear power, energy and defense cooperation.

The MOUs and contracts inked at a Korea-UAE business forum attended by some 320 businesspeople from the two countries amounted to more than $6.1 billion, according to the presidential office.

Yoon visited the Barakah nuclear power plant on Monday and took part in a ceremony commemorating the completion of a third reactor. The nuclear power plant built by Korean companies in Abu Dhabi's far western desert is a symbol of economic cooperation between the two countries, and the visit was seen as an effort by Yoon to restoring momentum to Korea's nuclear power exports.

"During this trip, the government and the private sector worked together as a team for many achievements such as export contracts, signing of MOUs and attracting investments," said Lee Kwan-sup, senior presidential secretary for policy planning.

"The government plans to carry out detailed follow-up measures," including creating a support group, holding an investment cooperation forum and convening export strategy meetings.

Yoon departed Zurich on Air Force One Friday and was set to arrive in Seoul Saturday, the first day of the four-day Lunar New Year holiday.

President Yoon Suk Yeol, left, and first lady Kim Keon-hee are greeted by United Arab Emirates (UAE) officials after arriving at Abu Dhabi International Airport in Abu Dhabi on Sunday. [PRESIDENTIAL OFFICE]

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