 |
| ▲ President Yoon Suk Yeol (L) shakes hands with United Arab Emirates President Mohamed bin Zayed Al Nahyan during the opening ceremony of Abu Dhabi Sustainability Week at the Abu Dhabi National Exhibition Centre in the capital of the UAE, in this file photo taken Jan. 16, 2023. (Yonhap) |
S Korea-UAE-industry
S. Korea, UAE to expedite investment projects in energy, advanced industries
SEOUL, July 7 (Yonhap) -- South Korea and the United Arab Emirates (UAE) vowed Friday to make joint efforts to push for their agreed-upon joint projects and investment plans in energy, the arms industry and the overall economic and trade fields without a hitch, Seoul's industry ministry said.
The consensus was reached during a meeting between South Korea's Industry Minister Lee Chang-yang and the UAE's economic minister, Abdullah bin Touq Al Marri, in Seoul, according to the Ministry of Trade, Industry and Energy.
The ministers confirmed that the two nations are working together to implement business deals and cooperation agreements that they signed in January, and agreed to strive further to draw tangible results in trade promotion, advanced technologies and the energy sector, among other fields.
During and after the January summit between President Yoon Suk Yeol and UAE President Mohamed bin Zayed Al Nahyanthe, the two sides signed 45 memorandums of understanding, two deals and a letter of intent worth US$6.1 billion combined. The UAE announced its decision to invest US$30 billion in South Korea in the nuclear power, arms and energy fields.
As the two nations are fleshing out details of the investment plan, the ministers agreed to explore cooperation in such new industries as aviation, bio, education, agriculture, and information and communication technology.
They also vowed to make joint efforts to clinch a free trade agreement between South Korea and the Gulf Cooperation Council (GCC) at an early date.
The GCC consists of six nations: the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. Negotiations are under way for the bilateral FTA, with the last session taking place in February.
"We will check the progress of planned projects with the UAE, as well as with such major Middle East nations as Saudi Arabia and Qatar, through high-level exchanges and ministerial-level cooperation channels," the ministry said in a release.
(END)
(C) Yonhap News Agency. All Rights Reserved
