Seoul: The United Arab Emirates (UAE) will be investing $30 billion in South Korea’s industries. The investment is part of efforts of both the countries to expand economic cooperation.
The decision was announced during South Korean President Yoon Suk-yeol four-day state visit to the Emirates that began on Saturday. Yoon met his UAE counterpart Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi.
“We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances,” South Korea’s presidential office said. The investment announcement comes at a time when the two countries seek to expand economic cooperation.
Seoul’s finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment company.
As per a report by news agency Reuters, details of the investment are yet to be disclosed, however, Yoon’s press secretary Kim Eun-hye said the investment will focus on power, defence, hydrogen and solar energy industries among others.
UAE and South Korea have signed 13 memorandums of understanding (MoUs) including an agreement between the state-backed Korea Development Bank and Abu Dhabi’s Mubadala for investments in South Korean companies.
The South Korean President said UAE was an essential energy partner for his country, supplying it with more than 50 per cent of its oil imports.
UAE a ‘brother country’: Yoon
During his visit, Yoon described the UAE as “a brother country”.
Notably, South Korea and UAE face similar security situations. South Korea grapples with threats from North Korea, while the UAE from Iran.
“You are here because the UAE is our brother nation,” Yoon said the troops. “And (defending) our brother nation’s security is as important as that of South Korea’s. The UAE’s enemy ― the most threatening nation ― is Iran and our enemy is North Korea… We are in a very similar position to the UAE,” he added.
With inputs from agencies
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