South Korea-UAE Business Investment Forum held in Seoul during UAE President’s state visit

UAE President HH Sheikh Mohamed bin Zayed arrived in the South Korean capital of Seoul on Tuesday for a state visit. He is the first Emirati leader ever to make a state visit to Korea, marking a pivotal moment in the bilateral relations, a journey that began 44 years ago.

In a gesture of honour and respect, 4 Air Force F-15 fighter jets escorted the UAE presidential jet after it entered South Korea’s air defence identification zone. During the trip, His Highness is expected to hold talks on ties and strategies to advance cooperation in different fields.

Upon his arrival in Seoul, Sheikh Mohamed met chiefs of the nation’s largest business groups including Samsung Electronics Co. Chairman Lee Jae Yong and Hyundai Motor Group Chair Euisun Chung, to discuss promoting cooperation in tech, defence and energy.

During the one-hour meeting at the Lotte Hotel, His Highness and Korean business leaders held meticulous talks on methods to promote partnership in sectors that included advanced technology and others and pursue business opportunities in the Middle Eastern nation.

Korea-UAE Business Investment Forum in Seoul

Yoon made a state visit to the UAE in January 2023, marking the first such visit by a leader of South Korea since both countries established diplomatic relations in 1980. During the Summit, HH announced plans to invest $30 billion in South Korea and signed 13 MoUs.

Held in Seoul during the UAE President’s state visit, the Korea-UAE Business Investment Forum brought together around 200 government officials and business leaders, including the Trade Minister of South Korea and the Minister of State for Foreign Trade in the UAE.

Business leaders of both countries discussed on Tuesday several strategies to enhance economic cooperation and develop business partnerships in more and more industries, such as clean energy and ICT, according to Yonhap.

UAE-South Korea Cepa enhancing economic partnerships

Since establishing diplomatic ties, the UAE and South Korea have partnered in several sectors, particularly in those of construction and energy. The Barakah Nuclear Power Plant in the UAE is Korea’s first overseas nuclear project, symbolising the nations’ collaboration.

The UAE and South Korea share a prominent and thriving economic partnership. Bilateral trade reached a staggering $20.8 billion last year, a significant increase from $190 million in 1980, making the Emirates South Korea’s 14th largest trade partner.

Both nations took the existing relationship a step further in 2023 as they signed a comprehensive economic partnership agreement (Cepa) in October. The deal is improving cooperation in clean energy, ICT, logistics, Communications and trade.