United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan arrived in South Korea on Tuesday. His plane was welcomed by an honorary escort of four fighter jets. It is his first state visit to Asia’s fourth-largest economy, with a two-day agenda focused on strengthening ties with Asia’s business elite.
He travels to Beijing on Wednesday amid ongoing negotiations within the Gulf Cooperation Council on a proposed free trade agreement with China. Ahead of ceremonies and strategic talks with South Korean President Yoon Suk Yeol, Sheikh Mohammed met with leaders of the country’s biggest conglomerates to discuss expanding trade in fields ranging from construction and shipbuilding to green energy.
During his visit, President Sheikh Mohammed will engage with prominent Korean business leaders, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group’s Euisun Chung, and SK Group’s Chey Tae-won. Discussions will center on cooperation in various economic and technological sectors to enhance trade, advanced technology, and security partnerships.
Further, on Wednesday, Sheikh Mohammed and President Yoon will hold a summit on deepening their “special strategic partnership”, which will cover defense industry cooperation, business investment, and energy initiatives.Â
Included in Sheikh Mohamed’s entourage on his Asian tour are key UAE officials, such as Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority, and Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology. Minister of Investment Mohamed Alsuwaidi, Minister of Energy and Infrastructure Suhail Al Mazrouei, and Minister of State for Foreign Trade Dr. Thani Al Zeyoudi are among the other prominent members of the delegation.
The UAE is discussing new trade deals with several countries, including South Korea, where negotiations have already concluded. The trade agreement with South Korea aims to enhance supply chains, foster foreign direct investment, and facilitate joint research across energy, advanced manufacturing, and healthcare sectors.Â
Notably, South Korean firms are anticipated to secure contracts for additional nuclear projects in the UAE, building on the $20 billion Barakah nuclear plant deal awarded to KEPCO.
Sheikh Mohamed’s visit also reciprocates South Korean President Yoon Suk Yeol’s state visit to Abu Dhabi last year, during which the UAE committed $30 billion to South Korean ventures in nuclear power, defense, and renewable energy.Â
The UAE, South Korea’s second-largest Arab trade partner, is keen on strengthening economic relations to support its diversification away from an oil-based economy. This visit also follows last year’s meeting in the UAE, where both presidents agreed to enhance cooperation in nuclear power, arms, and energy sectors.
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