S Korea-UAE
S. Korea, UAE to expand ties amid supply-chain reshuffle, digital transition
By Kang Yoon-seung
SEJONG, July 6 (Yonhap) -- South Korea and the United Arab Emirates (UAE) vowed Thursday to expand bilateral economic ties amid the global reshuffle of supply chains and digital transition, as they flesh out details of the Middle East nation's earlier investment pledge of US$30 billion.
The eighth ROK-UAE Joint Economic Committee came six months after the UAE unveiled its decision to invest the amount in South Korea with a focus on energy and biotechnology sectors during the summit between President Yoon Suk Yeol and UAE President Mohamed bin Zayed Al Nahyan.
"South Korea and the UAE have been building a mutually beneficial economic relationship and trust," Finance Minister Choo Kyung-ho said during the committee meeting in Seoul with his UAE counterpart, Abdulla bin Touq al-Marri. "We should create another story of success on the back of South Korea's capabilities in the cutting-edge industries, and the investment from the UAE."
During the meeting, the two countries vowed to expand cooperation among small and medium startups, especially those in the biotechnology segment.
Investment Corporation of Dubai also agreed to expand ties with the state-run Export-Import Bank of Korea and Korea Investment Corp., seeking joint opportunities in areas such as hydrogen, renewable energy, and eco-friendly infrastructure projects.
Choo also suggested that the two countries should expand cooperation in the nuclear energy sector in new areas such as small modular reactors (SMR).
In 2009, a South Korean consortium secured the contract for constructing four nuclear reactors in Barakah, located 270 kilometers west of Abu Dhabi. Currently, units 1, 2, and 3 are successfully operating, while preparations for the final unit are under way.
SMRs can be installed in locations not suitable for large nuclear power plants, and reduce costs and construction time.
The two sides agreed to make efforts to expand trade between the two countries, including seeking cooperation for the signing of the free trade agreement between South Korea and the Gulf Cooperation Council (GCC).
South Korea held its seventh round of negotiation with the GCC, consisting of six nations -- the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait -- in February.
(END)
(C) Yonhap News Agency. All Rights Reserved
