Joint Statement by Korea-UAE Leaders... Includes '30 Billion Dollar Korean Investment'

Joint Statement Adopted by Both Countries, Presidential Office "Confirms Confidence in Korean Economy"

[Abu Dhabi=Asia Economy Reporter Baek Kyunghwan] The United Arab Emirates (UAE) announced a 'Korea-UAE Joint Summit Statement' that includes an investment of $30 billion in South Korea. The statement also includes content on strengthening cooperation in response to climate change, which is interpreted as significantly increasing the possibility of UAE investment. However, some analysts have expressed skepticism about the feasibility of the UAE's $30 billion investment.

On the 16th (local time), the Presidential Office announced that a joint statement between the two leaders was adopted following the summit between President Yoon Suk-yeol and UAE President Mohammed bin Zayed Al Nahyan. The statement reflects the results of the summit held the previous day between President Yoon and President Mohammed.

President Yoon Suk-yeol, on a state visit to the United Arab Emirates (UAE), is entering the Abu Dhabi Presidential Palace on the 15th (local time) for an expanded Korea-UAE summit with UAE President Mohammed bin Zayed Al Nahyan.
[Photo by Yonhap News]

In particular, the joint statement specified the figure of $30 billion (approximately 40 trillion KRW) promised by President Mohammed as the investment amount in Korea. Kim Sung-han, Director of the National Security Office, said at a briefing in Abu Dhabi, "The $30 billion investment decision demonstrates President Mohammed's trust in Korea's capabilities as a sustainable future growth partner," and added, "It is explicitly confirmed in the joint summit statement, showing trust in the Korean economy."

The joint statement is composed of three parts: strengthening cooperation in four core areas, promoting future-oriented cooperation, and peace and stability. The section on strengthening cooperation in the four core areas includes enhancing cooperation on 'peaceful nuclear energy.' This involves follow-up projects such as jointly pursuing nuclear power plant projects in the UAE or third countries, alongside the successful completion of the Barakah nuclear power plant. The two leaders also attended the completion ceremony of Barakah Unit 3 together on the same day. In the statement, the two leaders agreed to explore expanding cooperation into new areas such as Small Modular Reactors (SMRs) through the Korea-UAE Nuclear High-Level Consultative Council.

Regarding the 'economy and investment' sector, the statement included, "In the context of further expanding the special strategic partnership, the UAE government announced a $30 billion investment commitment from the UAE sovereign wealth fund in Korea's strategic sectors based on its confidence in the robustness and growth potential of the Korean economy."

To support future-oriented cooperation, seven fields were presented: ▲climate change ▲space ▲new industries and digital transformation ▲future mobility and smart infrastructure ▲health and medical care ▲agriculture, food security, and water resources ▲intellectual property and statistics. Additionally, the two countries agreed to work together on peace and stability in the Middle East, the Korean Peninsula, and multilateralism.

Meanwhile, Director Kim introduced that after the summit, President Yoon and President Mohammed held a friendly dinner, stating, "The two leaders had a dinner that lasted three hours, far exceeding the scheduled 100 minutes, without any attendees except interpreters." He added, "Today, at the opening ceremony of Abu Dhabi Sustainability Week and accompanying the Barakah nuclear power plant event, the two leaders spent a lot of time together, strengthening trust and friendship as brother countries for the next 100 years."