finance minister-UAE

S. Korea, UAE economy ministers hold additional consultations on biz ties

By Kang Yoon-seung

SEJONG, Jan. 19 (Yonhap) -- South Korean Finance Minister Choo Kyung-ho has met his United Arab Emirates (UAE) counterpart to discuss follow-up steps for a major investment plan announced by the Middle East nation earlier this week, the finance ministry said Thursday.

Choo met his UAE counterpart, Abdullah Bin Touq Al Marri, on the margins of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday (Swiss time), according to the Ministry of Economy and Finance.

The meeting came after the UAE announced it plans to invest US$30 billion in South Korea in the nuclear power, arms and energy sectors during a summit between the two countries' leaders in Abu Dhabi.

During the meeting, the two ministers shared a consensus that the agreement will give significant momentum to expand bilateral economic ties, the ministry said in a statement.

"To this end, (the two countries) agreed to further upgrade the existing areas of partnership, such as the energy and nuclear reactor sectors, and also expand the scope to cover high-end emerging industries, including bio and aerospace, as well as defense and cultural content," it added.

In 2009, a South Korean consortium won a contract to build four nuclear reactors in Barakah, 270 kilometers west of Abu Dhabi. Units 1 and 2 are in operation, while Unit 3 is ready for operation, and Unit 4's construction is due for completion next year.

The two countries agreed to hold a joint economic committee meeting in Seoul in the first half of 2023, where they plan to discuss details of the planned investment.

During his trip to Switzerland, Choo also met Luhut Binsar Pandjaitan, Indonesia's coordinating minister of maritime affairs, and requested Jakarta's support for South Korean firms' investment projects in the Southeast Asian country, the finance ministry added.

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