UAE – Mubasher: The UAE recently announced $30 billion investments to be pumped in South Korea as well as memoranda of understanding (MoUs) between the two nations in different fields, WAM news agency reported.

This came within the framework of the summit meeting that was held between South Korean President, Yoon Suk Yeol, and the UAE’s leader, Sheikh Mohamed bin Zayed Al Nahyan, in Abu Dhabi earlier in January 2023.

The two leaders agreed to bolster strategic cooperation in key areas such as economy and investment, conventional and clean energy, climate change, and more.

UAE’s Investment in South Korea and Economic MoUs 

The Gulf country plans to invest $30 billion in strategic sectors across the Republic of Korea (ROK).

Al Nahyan and Yoon aim to anchor the bilateral economic ties between the two countries, as trade and investment cooperation is a significant tool to lower global risks and build safe, resilient, and clean bio-economy systems.

Abu Dhabi-based sovereign wealth fund Mubadala Investment Company and the Korea Development Bank (KDB) inked an MoU to boost the investment partnership between the UAE and ROK.

A further MoU was sealed between Abu Dhabi National Energy Company (TAQA) and the Export-Import Bank of Korea (KEXIM) to expand financial cooperation.

Moreover, the two nations intend to reinforce the small and medium-sized enterprises (SMEs) and startups for playing an effective role in new industries, including innovation, joint ventures (JV), as well as research and development (R&D).

Through the UAE's Entrepreneurial Nation initiative, the Gulf and Korean parties will collaborate to enlarge the two-sided exchange and foster mutual investment between SMEs and startups.

MoU between ADNOC and KNOC in Energy Sector

The UAE-Korea cooperation developed a comprehensive strategic energy partnership (CSEP) across key energy sectors, including oil and gas, renewable energy, in addition to hydrogen and its derivatives.

In this regard, the Abu Dhabi National Oil Company (ADNOC) signed an MoU with the Korea National Oil Corporation (KNOC) to join forces for strategic and commercial storage of crude oil.

Korean Support for Emirati Hosting of COP28  

The two presidents committed to deepening cooperation on the 28th Session of the United Nations Climate Change Conference (COP28), which will be held in the UAE during 30 November-12 December 2023.

They also issued the ROK-UAE Leaders’ Declaration on Climate Action, in a bid to strengthen action-oriented cooperative efforts for the climate in mutually beneficial areas.

Yoon said: “We will support the success of the UAE’s hosting of COP28 at the end of this year and work together in that regard.”

He added: “This year’s COP28 will, for the first time, assess the progress of joint efforts to reach the Paris Agreement Goals by conducting the global stocktake (GST). It will mark a crucial turning point for further strengthening of climate action worldwide.”