UAE pledges $30 billion in investments in South Korea

Abu Dhabi: As the two nations look to deepen their economic ties, the UAE has planned to invest $30 billion in South Korea’s sectors. During a four-day state visit to Abu Dhabi, South Korean President Yoon Suk-yeol met UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and made the announcement about the investment.

Yoon Suk Yeol paid a state visit to the UAE from January 14 to January 17, 2023, at Sheikh Mohamed bin Zayed Al Nahyan’s invitation.

The two leaders committed to enhancing and expanding the two countries’ Special Strategic Partnership.

In addition, the two countries inked 13 memorandums of understanding, including one between the state-run Korea Development Bank and the Abu Dhabi state fund Mubadala to collaborate on investment in South Korean enterprises.

The two leaders specifically committed to deepening strategic collaboration in four critical areas: conventional energy and clean energy, peaceful nuclear energy, economics and investment, defence and defence technology, and other areas of mutual interest such as space, new industries, and culture.

The two leaders also had an in-depth discussion about regional and worldwide issues.

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