Monitoring Desk
SEOUL: As UAE and South Korea seek to expand economic cooperation, South Korea’s presidential office said on Sunday that the United Arab Emirates (UAE) has pledged to invest $30 billion in South Korea’s industries.
The decision was announced as South Korean President Yoon Suk Yeol, and UAE President Sheikh Mohammed bin Zayed al-Nahyan met in Abu Dhabi during a four-day state visit, Yoon’s office said.
“We have decided on a $30 billion investment based on the trust in South Korea. South Korea keeps promises under any circumstances,” the South Korean President’s office quoted the UAE president Sheikh Mohammed as saying.
South Korea’s president’s visit to UAE
Details of the investment plan were not released, but Yoon’s press secretary, Kim Eun-Hye, said in a statement the investment would be directed at nuclear power, defence, solar energy, and hydrogen industries, among others.
Seoul’s finance ministry said sovereign wealth funds, including Mubadala Investment Company, would lead the $30 billion investment.
At their meeting, the two countries also signed 13 memorandums of understanding (MoU), including an agreement between the state-run Korea Development Bank and the Abu Dhabi state fund Mubadala to cooperate for investment in South Korean companies.
