Explanation of Additional Cooperation Plans by Company
Expectations for Follow-up Measures on UAE's $30 Billion Investment
On the 28th, the heads of South Korea's business community gathered in full force to meet with Mohammed bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE), who was on a state visit.
Samsung Electronics Chairman Lee Jae-yong is attending a meeting with Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), held at a hotel in Jung-gu, Seoul on the 28th. [Image source=Yonhap News]
The meeting held in the afternoon at Lotte Hotel in Jung-gu, Seoul, was attended by Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group; Chung Eui-sun, Chairman of Hyundai Motor Group; Kim Dong-kwan, Vice Chairman of Hanwha Group; Jung Ki-sun, Vice Chairman of HD Hyundai; Huh Tae-soo, Chairman of GS Group; Lee Jae-hyun, Chairman of CJ Group; Cho Hyun-joon, Chairman of Hyosung Group; Lee Kyu-ho, Vice Chairman of Kolon; and Koo Bon-sang, Chairman of LIG. It is reported that the meeting was arranged at the request of President Mohammed.
The business leaders arrived at Lotte Hotel around 1 p.m. Chairman Chung Eui-sun arrived early in the morning. The meeting reportedly lasted about an hour and was divided into two sessions. In the first session, large corporations partnered with the UAE explained additional cooperation plans with the UAE by company. In the second session, companies such as HYBE and Musinsa introduced themselves and exchanged greetings.
The heads of the business groups discussed cooperation plans focusing on their core businesses, covering various fields such as advanced technology, defense and military industry, and energy, and sought future contract opportunities.
Before the meeting, Chey Tae-won, who said he would talk about partnerships and cooperation plans with the UAE, stated after the event, "We had many good discussions." Vice Chairman Jung Ki-sun told reporters, "He expressed great fondness for Korea and said he wants to work together a lot in the future," adding, "The atmosphere was very good, and he said he has a strong attachment to Korea."
The UAE is developing Masdar City, aiming to create a city free of carbon, waste, and cars, and is also promoting large-scale projects such as the Azban solar power project. Since President Yoon Suk-yeol's state visit to the UAE last year, cooperation between the two countries has diversified beyond energy and defense to include hydrogen, bio, smart farms, digital transformation, and metaverse. It is reported that additional cooperation plans in future industries were also discussed during the meeting.
SK Chairman Chey Tae-won is attending a meeting with Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), held at a hotel in Jung-gu, Seoul on the 28th. [Image source=Yonhap News]
Bang Si-hyuk, chairman of HYBE, is entering a hotel in downtown Seoul on the afternoon of the 28th for tea time with Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE). [Image source=Yonhap News]
The business community is hopeful for follow-up measures regarding the UAE's $30 billion (approximately 40.77 trillion KRW) investment pledge. The UAE made this investment commitment during President Yoon's state visit in January last year. The two sides also signed a total of 48 MOUs.
Samsung maintains a partnership mainly in construction and engineering, with Samsung C&T participating in the UAE Barakah nuclear power plant construction. SK signed a memorandum of understanding (MOU) with the UAE sovereign wealth fund Mubadala in January last year to establish the 'Voluntary Carbon Market (VCM) Asia Partnership.' SK Ecoplant is developing green hydrogen and green ammonia projects in the UAE.
Hyundai Motor signed an MOU with the UAE sovereign wealth fund in December last year to promote business cooperation in hydrogen, green aluminum, eco-friendly mobility, and future aviation mobility (AAM) sectors. Hanwha's defense affiliate Hanwha Systems signed an export contract worth $1.1 billion (approximately 1.3 trillion KRW) in January 2022 for the medium-range surface-to-air guided missile system (M-SAM) Cheongung-II multifunction radar (MFR) with the UAE.
HD Hyundai sells petroleum products, power equipment, construction machinery, and solar modules in the UAE market, in addition to shipbuilding and offshore plant orders. GS continues its cooperation with the UAE national oil company (ADNOC) in crude oil development projects and blue ammonia development projects. The UAE is also a major crude oil supplier to GS Caltex.
Meanwhile, following the meeting with the business leaders, separate meetings were held with leading industry figures such as Bang Si-hyuk, Chairman of HYBE; Kim Taek-jin, CEO of NCSoft; and Cho Man-ho, General CEO of Musinsa, attracting attention. The industry expects that, backed by the UAE's massive sovereign wealth fund investments, cooperation in areas such as K-pop and fashion could concretely develop. The possibility of 'K-fashion' brands entering the Middle Eastern market is also being mentioned.
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