Newsnomics AJAY ANGELINA reporter | UAE decided to invest $37 trillion won in South Korea after a summit meeting between President Yoon Seok-yeol and UAE President Mohammed bin Zayed Al Nahyan at the Presidential Palace on January 15, 2023.
Both Countries signed total of 13 memorandums of understanding in the fields of nuclear power, energy, investment, defense industry, and climate change.
President Sheikh Abdullah bin Zayed Al Nahyan said, “I am deeply impressed by Korean companies that ful-
fill their contracts no matter what difficulties are in front, such as Covid-19,” reported by Kim Eun-hye, chief public relations officer at the Presidential Office.
In response, President Yoon said “As a president, I will take care of the investment carefully so that this investment can play a big role in not only investment returns but also the sustainable mid- to long-term development of the UAE.”
President Yoon invited president Abdullah Bin Zayed to visit Korea at a convenient time during the year.”
"Korea is already my 'second home' in my heart, and I will visit Korea soon with a happy heart," replied Abdullah Bin Zayed.
Lee Kwan-seop, senior secretary for state affairs planning in the presidential office, explained, “Considering similar cases, it is an overwhelmingly large amount.”
The amount of direct investment that Korea attracted from overseas last year was 30.5 billion dollars.
The President's Office explains, “it is the largest among the agreements between countries signed by the UAE, and significantly exceeds the previous record of 10 billion pounds (approximately 15 trillion won) with the United Kingdom.”
Whereas, the UAE has promised to invest 5 billion dollars (6 trillion won) in China and 1.5 billion euros (2trillion won) in sovereign wealth funds in France.
The President's office explains that the foundation of President Muhammad's bold decision lies in the trust between Korea and UAE, began at the Barakah Nuclear Power Plant in December 2009. Units 1 and 2 of the Barakah nuclear power plant, which started operating in 2021 and 2022, respectively, account for 60% of Abu Dhabi's electricity and 15% of the UAE's total electricity.
President Yoon at opening remarks said, “I hope that the UAE will become the No. 1 investment country in Korea and jointly respond to various security threats by raising nuclear cooperation between the two countries to the highest level and bringing hydrogen cooperation to the level of the ‘Korea-UAE Hydrogen Alliance’.”
In response president Abdullah Bin Zayed said, “the fulfillment of promises Korea has shown over the past 10 years is a case of miracles.”
