Yoon Holds First Cabinet Meeting After Overseas Trip... "I Will Run Until My Shoes Wear Out"

President Yoon: "Thorough preparation to spark a second Middle East boom"
Domestic regulations to meet global standards... "Difficult to compete in international markets"
Mention of joint entry into third countries for nuclear power... "Restoring the ecosystem, laying the foundation for a leap"

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol on the 25th urged, "Please thoroughly prepare to attract a $30 billion investment from the Abu Dhabi Investment Authority (UAE Sovereign Wealth Fund) on an overwhelming and unprecedented scale to ignite a second Middle East boom."

President Yoon presided over a Cabinet meeting at the Yongsan Presidential Office that morning and said, "As South Korea's first top salesperson, I will run tirelessly until my shoes wear out." Since the $30 billion investment attraction and the foundation for cooperation with global companies were established during his first overseas trip this year to the UAE and Switzerland, he requested that follow-up measures be concretized to produce tangible benefits for the public.

President Yoon Suk-yeol is speaking at the Cabinet meeting held on the 25th at the Presidential Office building in Yongsan, Seoul.
[Photo by Yonhap News]

Since this Cabinet meeting was the first presided over by President Yoon after returning from his overseas trip, follow-up actions were repeatedly emphasized. Although the UAE's investment in Korean companies was specified in the joint statement by the two heads of state, detailed investment implementation plans have not yet been decided, and even at the luncheon with global company CEOs, only a broad outline focusing on deregulation in the Korean market was presented.

In response, President Yoon urged Cabinet members, "Even if you are busy, please listen carefully to their difficulties," and emphasized, "The most important thing is that our country's system must align with global standards." This reflects the judgment that without adjusting domestic regulations to global levels, survival in the international community is impossible. President Yoon added, "If we do not harmonize our systems in regulations, labor, and all other areas, there will be no investment in our country, and it will be difficult for our companies to compete in the international market."

He also officially announced additional nuclear power cooperation within the UAE and joint ventures in third countries. President Yoon stated, "Based on the success of the Barakah nuclear power plant, we will seek additional nuclear cooperation and joint entry into third countries," adding, "This will quickly restore the domestic nuclear power ecosystem, which is on the brink of collapse due to the nuclear phase-out policy, and provide a foundation for the nuclear industry to leap forward again."

The government's follow-up measures after the overseas trip have already begun. First, instructions were given to establish an investment cooperation platform to ensure the smooth implementation of the investment agreement with the UAE. President Yoon also discussed with his aides on the presidential plane returning from Switzerland on the 20th how to steer the $30 billion investment toward the national economy's direction. After returning, he instructed related ministries such as the Ministry of Economy and Finance, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, and Financial Services Commission to form a task force (TF) to implement follow-up measures on the Korea-UAE MOUs and contracts.

President Yoon's luncheon meeting with young scientists in fields such as quantum technology, artificial intelligence (AI), bio, and space at the Yongsan Presidential Office the day before was in the same context. On the 19th, President Yoon had a dialogue with quantum science scholars at the Swiss Federal Institute of Technology Zurich to explore strategies Korea should adopt.

On this day as well, President Yoon said, "At ETH Zurich, I heard valuable opinions from quantum science scholars about desirable national policies and support measures for quantum science and technology, which will be future game changers," and added, "In the global market where an economic war without gunfire is underway, we cannot let companies fight alone."

President Yoon also reaffirmed his determination to personally oversee related follow-up measures. He stated, "I ask related ministries to promptly proceed with follow-up measures related to the sovereign wealth fund investment, including establishing the Korea-UAE investment cooperation platform," and added, "I will also personally oversee this matter soon through export strategy meetings and regulatory innovation strategy meetings."