First CEPA Signed with Arab Country... Korea-UAE "Building a Future-Oriented Economic Partnership"

President Yoon and President Muhammad Summit
Expanding Cooperation in Defense, Energy, and Economic Investment
Highest Honors for First State Visit to Korea
Investment Opportunities Exceeding $6 Billion
Middle East Boom as New Momentum
Joint Effort to Establish Small and Medium Venture Committee

President Yoon Suk-yeol is shaking hands with President Mohammed bin Zayed Al Nahyan of the United Arab Emirates (UAE) after a state visit friendship dinner held at the Blue House main building on the 28th.
[Image source=Yonhap News]

On the 29th, President Yoon Suk-yeol held a summit with Mohammed bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE), who made his first state visit to South Korea. They agreed to expand cooperation in areas such as defense, energy, and economic investment. In particular, the two countries signed a Comprehensive Economic Partnership Agreement (CEPA) to strengthen their economic partnership across comprehensive fields, including trade liberalization and investment expansion. The UAE is the first Arab country with which South Korea has signed a CEPA. President Yoon plans to use this opportunity to create momentum for a "new Middle East boom" through active summit diplomacy with Middle Eastern countries.

At 11:20 a.m. on the same day, President Yoon held a summit with President Mohammed and stated, "With the signing of the CEPA between South Korea and the UAE, we will establish a future-oriented economic partnership in areas such as tariff liberalization, opening of service sectors including healthcare and online gaming, and fields like bio and energy." Following President Yoon's state visit to the UAE in January last year, President Mohammed's state visit to Korea marks a reciprocal state visit after about one year and four months.

This visit is the UAE president's first state visit to South Korea and his first visit since taking office. President Mohammed assumed office in May 2022 and had visited South Korea five times before his presidency as Crown Prince. President Mohammed's visit is evaluated as a turning point to deepen and develop the "special strategic partnership" between the two countries, centered on the close bond between the two leaders.

"Reviewing Investment Opportunities Exceeding 6 Billion Dollars"

President Yoon Suk-yeol is taking a walk with Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), on the 28th at Buyongji Pond area in the rear garden of Changdeokgung Palace, Jongno-gu, Seoul, as part of a friendly schedule.
[Image source=Yonhap News]

During the summit, the two leaders agreed to join hands in four core areas: ▲ economy and investment ▲ traditional energy and clean energy ▲ peaceful nuclear energy ▲ defense and defense technology, as well as advanced technology fields such as artificial intelligence (AI). Through his visit to the UAE last year, President Yoon attracted investments worth 30 billion dollars (about 41 trillion won). They reviewed the outcomes of this and discussed attracting investments from domestic companies. Currently, UAE institutions such as Mubadala (a sovereign wealth fund ranked 13th globally with assets under management of 284.4 billion dollars) are reviewing investment opportunities exceeding 6 billion dollars in the Korean market through investment cooperation channels.

Cooperation in traditional energy and clean energy sectors will also be expanded. Through the signing of a letter of intent for the construction of liquefied natural gas (LNG) carriers between Abu Dhabi National Oil Company (ADNOC) and Korean companies, Korean firms are expected to secure orders for at least six LNG vessels (worth about 1.5 billion dollars, with additional order options). They also agreed to strengthen energy security cooperation by signing a memorandum of understanding (MOU) to expand the joint crude oil stockpiling project between the two countries, currently at about 4 million barrels. Furthermore, to support hydrogen cooperation projects, they signed an MOU on carbon capture and storage (CCS) cooperation for clean hydrogen production using LNG, aiming to respond to climate change and increase cooperation in the promising future industry of hydrogen.

Additionally, through the signing of an MOU to establish a "Small and Medium Venture Committee," they agreed to create a ministerial-level regular consultative body to expand cooperation in the small and medium venture sectors between the two countries.

The establishment of a ministerial-level regular consultative body for small and medium ventures in Korea is the first for the UAE. Besides this, they signed MOUs to strengthen corporate partnerships through the Middle East IT Support Center, expand joint research and development (R&D) through a global AI research hub, and establish a dual campus between KAIST and Zayed University.

Mohammed Arrives at Yongsan Children's Park, Grand Welcome Ceremony

President Yoon Suk-yeol is greeting the welcoming group of children from Samgwang Elementary School in Seoul at the official welcoming ceremony for the state visit of Mohammed, President of the United Arab Emirates (UAE), held on the lawn in front of the Yongsan Presidential Office building in Seoul on the 29th.
[Photo by Yonhap News]

Before the summit, President Yoon held an official welcoming ceremony at 11 a.m., honoring President Mohammed with the highest level of protocol. The ceremony was held on a grand scale, distinct from other state visits. Around 10:50 a.m., President Mohammed arrived at Yongsan Children's Park and was greeted by about 400 members of the Ark Unit lined up on both sides as he moved by vehicle to the Presidential Office's Jeonghyeon Hall.

One hundred members of the traditional honor guard and military band, along with about 120 children welcoming groups, greeted the visit. The Presidential Air Force's special flight team, the "Black Eagles," performed a celebratory flight emitting smoke in the colors of the UAE flag. President Mohammed attended the official welcoming ceremony, summit, signing ceremonies for agreements and memorandums of understanding (MOUs), and an official luncheon. First Lady Kim Keon-hee also attended the official welcoming ceremony, guestbook signing, and commemorative photo session.

After concluding the summit schedule, President Mohammed is scheduled to visit the residence of former President Lee Myung-bak in the afternoon. This visit was arranged at the request of the UAE side, and the relationship between the two began during the UAE nuclear power plant contract process in 2009. The Presidential Office stated, "The two leaders agreed to communicate frequently and cooperate closely to develop bilateral relations going forward."