President Yoon Suk Yeol on May 29 holds a bilateral summit talks Sheikh Mohamed bin Zayed Al Nahyan, leader of the United Arab Emirates, at the Office of the President in Seoul. (Shin Yugyeong from Office of the President)

By Kim Hyelin

President Yoon Suk Yeol and Sheikh Mohamed bin Zayed Al Nahyan, leader of the United Arab Emirates (UAE) on a state visit to Korea, on May 29 reaffirmed the UAE's pledge of USD 30 billion investment in Korea.

The Office of the President in Seoul said both leaders confirmed at their talks the USD 30 billion investment from the UAE's sovereign wealth fund and raised trust between the people of both countries in bilateral investment cooperation.

"UAE institutions like Mubadala Investment Co. are reviewing investment opportunities worth over USD 6 billion in the Korean market through investment cooperation channels," it added.

This summit saw both governments sign a comprehensive economic partnership agreement (CEPA), an accord similar to a free trade agreement stipulating broader bilateral economic cooperation in sectors like services trade, economy and investment.

The office said, "We have formed the institutional basis to strengthen our bilateral economic partnership in comprehensive areas like trade liberalization and investment expansion."

Both leaders discussed cooperation mainly in conventional and clean energy, peaceful use of nuclear energy, economy and investment, and defense and related technology.

In conventional and clean energies, the Abu Dhabi National Oil Co. and Korean shipbuilders signed a letter of intent to lay the foundation for orders worth USD 1.5 billion for at least six liquefied natural gas carriers.

The two leaders also agreed to discuss potential cooperation in the construction of more nuclear power plants in the UAE, supply chains for nuclear fuel and small modular reactors.

Turning to defense and related technology, they reached a consensus on bolstering long-term cooperation in strategic defense cooperation, including deeper collaboration in the industry centered on the Korean special forces unit Akh, and achieving early outcomes in defense cooperation under discussion by both countries.

The two sides will also work together in advanced technologies such as artificial intelligence, jointly expand to third markets for energy, infrastructure and nuclear power, and raise cooperation in small and medium businesses and intellectual property.

After their talks, both leaders attended the signing ceremony for 19 agreements, memorandums of understanding and letters of intent including the CEPA.

"The visit of President Mohamed marks a watershed moment for deepening and developing the special strategic partnership relationship between both countries," the office said.

"Active summit diplomacy with a Mideast country reinforced momentum created from the Middle East boom and diplomacy involving economy and public livelihood produced concrete results."

kimhyelin211@korea.kr