From Sales to 'Planning Staff'... Yoon: "Companies Can't Make Employees Run in Old Shoes" (Comprehensive)

Inspection Meeting Ten Days After Tour: "Brother Nations Trust Each Other... Responding with Innovation Projects"
"Systems Must Shift to Global Standards... Providing Diplomatic Integration and Customized Support"
Operation of 'Korea-UAE Investment Cooperation Platform' and Establishment and Support of 'High-Level Investment Cooperation Dialogue'

[Asia Economy Reporters Baek Kyunghwan and Lee Gimin] President Yoon Suk-yeol stated on the 31st, "We cannot make our companies run a race wearing worn-out old shoes at the forefront of innovation." This reflects his determination to fully support companies to achieve immediate results from the $30 billion investment by the United Arab Emirates (UAE) Sovereign Wealth Fund. To this end, President Yoon emphasized, "The government must act as both the sales and planning staff for companies so that they can run."

On the morning of the same day, President Yoon chaired the 'UAE Investment Attraction Follow-up Measures Review Meeting' at the Korea International Trade Association in Samseong-dong, Seoul, stating, "The UAE investment was decided because our brotherly nation, the UAE, trusts us, and we must respond by discovering innovative investment partnership projects that benefit both countries," urging such efforts.

President Yoon Suk-yeol is attending and speaking at the follow-up measures review meeting for attracting investment from the United Arab Emirates (UAE), held on the 31st at the Korea International Trade Association in Gangnam-gu, Seoul.
[Photo by Yonhap News]

The meeting was held just ten days after the presidential tour, reflecting President Yoon's will to promptly establish follow-up plans for Korea-UAE investment, finance, industry, and energy cooperation. The goal is to create a roadmap for the $30 billion investment by the UAE Sovereign Wealth Fund and 32 memorandums of understanding (MOUs) worth over $6.1 billion in energy, defense, and new industries, thereby sustaining the momentum of the "New Middle East Boom."

President Yoon repeatedly emphasized a "private-sector-led, market-centered economic policy" to maximize the outcomes of the UAE tour. He said, "In the bloc-based economic warfare where economy, security, and advanced technology operate as a package, companies and the government must unite as one team," adding, "We cannot make our companies run a race wearing worn-out old shoes at the forefront of innovation."

He also stressed the government's role, saying, "The government must act as both the sales and planning staff for companies so that they can run," and "We will firmly prepare to transform our systems into global standards so that companies can run vigorously and compete in the economic war." Specifically, he proposed integrated diplomatic support and customized services for each project. President Yoon explained, "We will provide integrated policy and diplomatic support for each project through a one-stop export and order support team to ensure that MOUs based on private and public sectors quickly bear concrete results," and "For projects that received investment notifications or are close to securing investments during the tour, the Ministry of Industry and KOTRA will collaborate with local governments to provide customized services for swift investment execution."

During the meeting, it was decided to establish and operate the "Korea-UAE Investment Cooperation Platform." In particular, by next month, a joint public-private support system will be formed, including the UAE Investment Cooperation Committee and the UAE Investment Cooperation Network. Externally, a "High-Level Investment Cooperation Dialogue" and a "Working-Level Investment Cooperation Channel" will be established for continuous cooperation with the UAE. The government plans to hold the high-level investment cooperation dialogue in the first half of this year and is also considering holding an investment briefing (IR) targeting the UAE Sovereign Wealth Fund in Abu Dhabi in the second half.

Regarding the industry and energy sectors, cooperation channels will be established and reviewed between 12 Korean ministries and 9 UAE ministries across 16 fields, including traditional cooperation areas such as defense, space, nuclear power, and energy, as well as space, smart infrastructure, and mobility. For the 32 MOUs, close support will be provided for project implementation by cooperation type, and small-scale "shuttle economic cooperation teams" will be newly established by type to monitor and promote the implementation of MOU outcomes on-site.

President Yoon also plans to personally oversee continuous visits to universities, research institutes, and companies to facilitate smooth investments in the UAE and other countries. Some ministries have already actively promoted Korean technology in the UAE. For example, the Ministry of Food and Drug Safety formed a delegation to the UAE to support the export of domestic medical devices to the Middle East and Africa and participated in the "Dubai International Medical Devices Exhibition (Arab Health 2023)." This was arranged to concretize achievements in the medical device sector following President Yoon's UAE tour and to fully launch the Ministry's "K-Medical Products MEGA Project."