UAE & South Korea explore bilateral ties; Sign several agreements

By Shilpa Annie Joseph, Official Reporter
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UAE-South Korea
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His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, has discussed ways to boost bilateral relations in various sectors with Mr. Moon Jae-in, President of the Republic of Korea.

During the meeting, Sheikh Mohammed bin Rashid praised the strategic partnership between the UAE and the Republic of Korea, as well as the keenness to strengthen ties between both countries.

Sheikh Mohammed bin Rashid Al Maktoum
Sheikh Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Vice President & PM – UAE

“The strategic partnership between the UAE and the Republic of Korea provides many opportunities to enhance cooperation in various fields, including the economy, trade, food security, health, culture, space, energy, and tourism. The UAE is the Republic of Korea’s top trade partner in the region. We are proud of the strategic cooperation between the UAE and the Republic of Korea. Prominent strategic projects such as the Barakah Nuclear Energy Plant are proof of the depth of relations between the two friendly nations. We also appreciate the active participation of the Republic of Korea pavilion at Expo 2020 Dubai.”

According to the statement, the relations between the UAE and the Republic of Korea have witnessed significant progress in a number of vital sectors, with the volume of non-oil trade between the two countries reaching $4.8 billion in 2020.

“During the next phase, we plan to draw up plans to further expand cooperation in areas of common interest, as well as explore development opportunities in priority sectors,” Sheikh Mohammed said.

Mr. Moon Jae-in thanked His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the hospitality, highlighting the strong ties between the two friendly countries.

Further, both leaders witnessed the signing of agreements and several Memorandums of Understandings (MoUs). An MoU was signed between the UAE Ministry of Defense and the Republic of Korea’s Defense Acquisition Program Administration (DAPA) on medium and long-term cooperation in the fields of defense industries and technology.

As per the reports, UAE’s Tawazun Economic Council (Tawazun) signed an MoU with Korea’s LIG Nex1 Company. Additionally, several agreements were signed between Abu Dhabi National Oil Company (ADNOC) and a number of Korean entities. They include a Framework Agreement between ADNOC and the Export-Import Bank of Korea signed by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Mr. Moon –Kyn Bang, Chairman and President of The Export-Import Bank of Korea.

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