President Yoon Suk Yeol and United Arab Emirates (UAE) President Mohamed bin Zayed Al Nahyan were set to hold talks in Seoul on Wednesday to discuss ways to boost trade and investment between the two countries.
Mohamed arrived Tuesday for a two-day state visit to South Korea, the first by a UAE president. In a show of honor and respect, South Korea had four Air Force F-15 fighter jets escort his plane after it entered the country’s air defense identification zone.
Later Tuesday, Mohamed held meetings with top South Korean business leaders, including Samsung Electronics Co. Chairman Lee Jae-yong, Hyundai Motor Group Chair Euisun Chung and SK Group Chairman Chey Tae-won. He also met with Bang Si-hyuk, chairman of Hybe, the entertainment agency of K-pop group BTS; and Kim Taek-jin, CEO of leading gaming firm NCSoft.
The UAE president then attended a welcome dinner hosted by President Yoon.
On Wednesday, an official welcome ceremony will feature an air show by the Air Force’s Black Eagles acrobatic team and
traditional honor guard, and a ceremonial band and members of the Akh unit, South Korean troops dispatched in the UAE.
Yoon and Mohamed will then hold a summit to discuss cooperation in sectors that include energy, defense, and investment, and sign agreements and memorandums of understanding on boosting bilateral ties in a wide range of fields.
The two leaders will focus on in four areas: traditional and clean energy, “peaceful” nuclear energy, economy and investment, and defense, according to the presidential office.
Yoon made a state visit to the UAE in January 2023, the first such visit by a South Korean leader since the two countries established diplomatic ties in 1980.
During the summit, Mohamed announced his country’s plan to invest US$30 billion in South Korea, and signed 13 memorandums of understanding covering energy, arms and climate change, among other sectors.
Bilateral trade between the countries reached $20.8 billion in 2023, a significant increase from $190 million in 1980, making the UAE
South Korea’s 14th-largest trade partner.
In 2022, the UAE signed a deal to purchase the Cheongung II midrange surface-to-air missile system, a key element of South Korea’s multilayered anti-missile program.
South Korea has built four nuclear power plants in Barakah under a $20 billion contract in 2009, marking the country’s first overseas nuclear project.
Source: Yonhap News Agency