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South Korea-UAE Business Investment Forum held in Seoul during UAE President’s state visit
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![South Korea-UAE Business Investment Forum held in Seoul during UAE President's state visit](https://thegulfindependent.com/wp-content/uploads/2024/05/south-korea-uae-business-investment-forum-held-in-seoul.png)
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.
Today I arrived in Seoul, where I will join @President_KR Yoon Suk Yeol in discussing ways to advance the Special Strategic Partnership between the UAE and Republic of Korea. Through economic partnership and close people-to-people ties, our nations are determined to achieve…
— محمد بن زايد (@MohamedBinZayed) May 28, 2024
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.
The leaders of #Korea's major business groups, including #Samsung, #SK, #HyundaiMotor, #Hanwha, and #CJ, met with #UAE President @MohamedBinZayed to strengthen partnerships in energy, defense, and other industries.
— Gulf Independent News (@IndependentGulf) May 28, 2024
#UAEKoreaPartnership #UAEKorea #SheikhMohamedbinZayedInKorea pic.twitter.com/a5jTXokfOx
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.
#UAE Ambassador to #SouthKorea Abdulla Saif Al Nuaimi, highlighted that President Sheikh Mohamed visit to #SouthKorea aims to enhance enhance the strategic partnership between the two countries, describing this partnership as “unique and distinguished”.#UAEKoreaPartnership pic.twitter.com/RvlNDUCNHf
— Gulf Independent News (@IndependentGulf) May 28, 2024
Ramez covers the News and Reports sections on The Gulf Independent. He holds a notable experience spanning more than six years, delivering timely and informative content on noteworthy developments in the vast Gulf region. Interest: Ramez is your dependable compass for the freshest, unbiased and elaborate coverage of the Middle East and Gulf regional news and events. He believes in the power of giving each story a unique perspective, subsequently inspiring conversation and promoting transparency. Education and Experience: Armed with a promising degree in Journalism and Digital Media from the prestigious American University of Sharjah in the UAE, Ramez has been helping audiences get a better understanding of the region's sensitive issues and massive potential. Email Id: https://twitter.com/RamezSpectnews
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