S. Korea, UAE to hold summit to deepen bilateral economic ties


President Yoon Suk Yeol and United Arab Emirates President Mohamed bin Zayed Al Nahyan were scheduled to meet in Seoul to discuss enhancing trade and investment collaboration between their nations. President Mohamed's historic two-day state visit to South Korea began with a warm welcome, as his plane was escorted by four Air Force F-15 fighter jets upon entering the country's air defense identification zone. During his visit, Mohamed engaged in meetings with top South Korean business figures, including leaders from Samsung Electronics, Hyundai Motor Group, SK Group, Hybe, and NCSoft. The visit was further marked by a welcome dinner hosted by President Yoon. The official welcome ceremony on Wednesday featured an air show by the Air Force's Black Eagles acrobatic team, traditional honor guard, ceremonial band, and members of the Akh unit, South Korean troops dispatched in the UAE. The summit between Yoon and Mohamed aimed to explore cooperation in energy, defense, and investment sectors, with the signing of agreements and memorandums of understanding to strengthen bilateral ties across various fields. Mohamed announced a significant $30 billion investment plan in South Korea and signed 13 memorandums of understanding covering energy, arms, and climate change, among other sectors. The two countries have witnessed remarkable growth in bilateral trade, which reached $20.8 billion in 2023, marking the UAE as South Korea's 14th-largest trade partner. Additionally, the UAE's procurement of the Cheongung II midrange surface-to-air missile system from South Korea in 2022 has further solidified their defense collaboration. South Korea's involvement in the construction of nuclear power plants in Barakah under a $20 billion contract in 2009 has also been a significant milestone in their relationship.


Previous Post Next Post