UAE President Sheikh Mohamed in South Korea: Highlights of Day 1

The UAE’s President Sheikh Mohamed bin Zayed Al Nahyan and South Korean President Yoon Suk Yeol are holding significant talks to enhance trade and investment between the two nations.

President Mohamed’s two-day state visit, the first by a UAE president, commenced on Tuesday and marks a pivotal moment in UAE-South Korea relations.

High-level business engagements

Upon his arrival, President Sheikh Mohamed was honored with an escort of four Air Force F-15 fighter jets as his plane entered South Korea’s air defense identification zone.

Later in the day, he engaged with major Korean business delegations, including leaders from Samsung, SK, and Hyundai Motor, to discuss economic growth, innovative ventures, and overcoming industry challenges.

He emphasised the importance of joint projects and investments, noting that the UAE provides a conducive environment for foreign investments with robust infrastructure and favorable regulations. He highlighted that the agreements set to be signed during this visit will open new avenues for collaboration, particularly in energy, defense, and investment sectors.

During closed-door meetings, industry leaders discussed enhancing partnerships in advanced technology sectors such as semiconductors and renewable energy. HD Hyundai vice chairman Chung Ki-sun expressed optimism about further cooperation in shipbuilding, construction machinery, and eco-friendly energy sectors.

“We are constantly looking for more ways to collaborate with the UAE in those areas, so I will explain our major upsides (during the meeting with the UAE president),” he told reporters before joining the meeting.

Other conglomerates, including Hanwha and CJ Group, echoed similar sentiments, looking forward to bolstering economic and cultural exchanges. Defence companies like LIG Nex1 are anticipated to benefit from these enhanced relations amid regional geopolitical uncertainties.

The Korea Chamber of Commerce and Industry (KCCI) hosted a business investment forum, bringing together 200 government officials and business leaders from both countries. They explored expanding partnerships in clean energy and information and communication technology (ICT), aiming to enhance manufacturing and logistics synergies.

التقيتُ في العاصمة الكورية سيؤول معالي تشيونغ إن كيو وزير @MOTIEKoreaEng لتبادل الرؤى والأفكار حول الارتقاء بالعلاقات الثنائية المزدهرة إلى آفاق جديدة، مع التركيز على الدور الرئيسي للقطاع الخاص في الجانبين لتحفيز التجارة البينية غير النفطية التي سجلت 5.3 مليار دولار في 2023 🇦🇪🇰🇷 pic.twitter.com/J7VgM6ULAV

— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) May 28, 2024

Reciprocal diplomatic efforts

This visit follows President Yoon’s state visit to the UAE in January 2023, during which Sheikh Mohamed pledged a substantial $30bn investment in Korean companies.

Today I arrived in Seoul, where I will join @President_KR Yoon Suk Yeol in discussing ways to advance the Special Strategic Partnership between the UAE and Republic of Korea. Through economic partnership and close people-to-people ties, our nations are determined to achieve…

— محمد بن زايد (@MohamedBinZayed) May 28, 2024

This significant financial commitment underscores the deepening economic ties between the two nations, which have evolved since the establishment of diplomatic relations in 1980.

Official welcome and summit

President Mohamed will attend an official welcome ceremony featuring an air show by the Republic of Korea Air Force’s Black Eagles acrobatic team, traditional honour guards, and a ceremonial band.

The summit with President Yoon will focus on cooperation in traditional and clean energy, peaceful nuclear energy, economy and investment, and defense. Several agreements and memorandums of understanding will be signed to further solidify bilateral ties.

UAE-South Korea bilateral

Bilateral trade between the UAE and South Korea has grown significantly, reaching $20.8bn in 2023, compared to $190m in 1980.

This robust economic relationship positions the UAE as South Korea’s 14th-largest trade partner, highlighting the mutual benefits of these strengthened ties.

The UAE President’s state visit to South Korea signifies a new era of economic collaboration and strategic partnership, poised to bring significant advancements in various sectors for both nations.