From Sand Deserts to Quantum... Securing 40 Trillion and Meeting Global CEOs for Sales

"Significant Step for Economic Cooperation"
Yoon Acts as 'Salesman' in Switzerland Following UAE
"Will Align Systems with Global Standards"

[Zurich=Asia Economy Reporter Bae Kyunghwan] "This tour focused on the economy first, second, and third."

President Yoon Seok-yeol, who intends to focus all diplomacy on the 'economy,' is returning home after completing his visits to the United Arab Emirates (UAE) and Switzerland. During his state visit to the UAE, President Yoon secured $30 billion (approximately 37 trillion KRW) in investments, and in Switzerland, he met with global CEOs, taking the forefront of 'Korea Sales.' The presidential office is paying attention not only to the direct outcomes but also to the establishment of a foundation for economic cooperation.

Lee Gwan-seop, Senior Secretary for National Planning, said on the 19th (local time) at the press center set up in Zurich, Switzerland, "The first point is that through the state visit to the UAE, we strengthened all-around economic cooperation with the UAE, a special strategic partner." He added, "For the first time, 101 economic delegations accompanied the president, conducting economy-centered summit diplomacy with companies, resulting in attracting $30 billion in investment and signing 48 memorandums of understanding (MOUs), the largest scale of achievements in any previous UAE visit."

On the 15th (local time), President Yoon Suk-yeol and First Lady Kim Keon-hee, who were on a state visit to the United Arab Emirates (UAE), greet children who came to welcome them before the official welcoming ceremony held at the Abu Dhabi Presidential Palace.
[Photo by Yonhap News]

◆Securing 40 trillion KRW investment in the first state visit= President Yoon's state visit to the UAE was the first since the establishment of diplomatic relations between the two countries. The UAE also treated the visit differently by escorting Air Force One carrying President Yoon with four fighter jets and illuminating the presidential palace roof with red and blue lights symbolizing the Taegeuk pattern.

At the summit on the 15th between President Yoon and UAE President Mohammed bin Zayed Al Nahyan, the UAE announced a $30 billion investment. This was also included in the Korea-UAE joint summit statement, explicitly confirming trust in the Korean economy. The UAE's $30 billion investment is the largest scale among inter-country investments to date.

Various MOUs were signed on the occasion of President Yoon's state visit. A total of 48 MOUs were signed through the summit and the Korea-UAE Business Forum. Under the presence of Presidents Yoon and Mohammed, the two countries signed 13 MOUs in areas including nuclear power, energy, investment, defense industry, and climate change. An additional 24 MOUs were signed at the business forum attended by a large economic delegation. There were also 11 MOUs signed individually.

One of the highlights of the UAE visit was President Yoon and President Mohammed's joint visit to the Barakah Nuclear Power Plant. President Yoon's visit to the nuclear plant is seen as effectively resolving the uncomfortable relations with the UAE caused by the previous administration's nuclear phase-out policy. In particular, President Yoon stated, "As Team Korea demonstrated the technological prowess and experience of the Korean nuclear power industry, Korea and the UAE should join forces based on the success of Barakah to create expanded achievements such as additional nuclear cooperation within the UAE and joint ventures in third countries." He also suggested exploring strategic energy cooperation between the two countries. President Yoon added, "I hope this state visit will be a turning point for both countries to explore beyond nuclear power into hydrogen, renewable energy, and carbon capture and storage."

On the 16th (local time), President Yoon Suk-yeol attended the commissioning ceremony of Barakah Nuclear Power Plant Unit 3, held at the Barakah Nuclear Power Plant, as part of his state visit to the United Arab Emirates (UAE). The photo shows him heading to the venue with attendees including UAE President Mohammed bin Zayed Nahyan. Photo by Yonhap News.

Volunteering as a 'Salesman' for 'Korea Sales'

Following the UAE, during his visit to Switzerland, President Yoon directly engaged in sales activities targeting companies. On the 18th, at an investment declaration ceremony held at a hotel in Davos attended by President Yoon, Vestas decided to invest $300 million (approximately 370 billion KRW) in Korea. Vestas, the world's number one wind turbine manufacturer, plans to relocate its Asia-Pacific regional headquarters to Korea, making it a key hub in the Asia-Pacific region, which is the core of this investment.

During one-on-one meetings with the Minister of Trade, Industry and Energy, discussions were held with senior executives of Merck Life Science, a leading German advanced science and technology company, and Novartis, a Swiss pharmaceutical company, regarding investment cooperation in Korea. The investment intention scale proposed by Merck Life Science and Novartis is known to be about $500 million (approximately 615 billion KRW). The presidential office believes that the total $800 million investment attraction and cooperation achievements from the investment declaration ceremony and investment meetings will lead to export expansion and job creation in future industries.

The presidential office is focusing on the fact that various forms of investments between governments and companies are taking place and producing tangible results through President Yoon's visit. Especially in Davos, the 'Team Korea' led investments by global companies amounting to about 1 trillion KRW. In fact, President Yoon reiterated the same tone at the 'Lunch with Global Corporate CEOs' held in Davos, repeatedly requesting investment in Korea.

During the lunch, which lasted about 100 minutes beyond the scheduled time, President Yoon said, "I am Korea's number one salesman," and added, "I believe it is my duty as a Korean salesman to meet global businesspeople and invite them to lunch, so I created this opportunity." He continued, "We gathered in Davos to solve problems facing humanity, but at this moment, I want to introduce myself as 'the president of this country' so that when you visit Korea in the future, you can comfortably visit my office," requesting various advice from global CEOs.

"If more overseas investments come in, we can align our systems with global standards," he emphasized the government's 'market-centered' policy stance again. On this day, President Yoon showed high interest not only in semiconductors and digital industries but also in solar power, environment, social, and governance (ESG) fields. He said, "The Korean market is open, and my office is open, so please feel free to visit anytime," adding, "Market integration changes culture and mindset, making us think alike, which can lead to greater prosperity."

In his final schedule, President Yoon met with quantum technology scholars in Zurich and expressed a strong will to manage future industries by saying, "We will strive to ensure quantum technology contributes to the desirable future development of humanity." The presidential office said that the discussions between President Yoon and quantum scholars will be reflected in the 'National Quantum Strategy' currently being established by the government.

The presidential office was reserved about President Yoon's upcoming visits but indirectly indicated that they would be prepared at the same level as this economic tour. A senior presidential office official said, "The president said that he went with businesspeople on this tour and that diplomacy should focus on the economy in the future," adding, "He said he would prefer to go with businesspeople and economic delegations as much as possible, which I will take as the answer."

President Yoon Suk-yeol delivering a keynote speech at the 'Vestas Investment Declaration Ceremony' held at a hotel in Davos, Switzerland, on the 18th (local time). On the left is Henrik Andersen, CEO of Vestas.
[Photo by Yonhap News]