This handout image provided by the UAE Presidential court shows Emirati President Sheikh Mohamed bin Zayed Al-Nahyan (R) meeting with South Korea's President Yoon Suk-yeol during a state visit at the royal palace in Abu Dhabi, on January 15, 2023. (Photo by Rashed AL-MANSOORI / UAE PRESIDENTIAL COURT / AFP)
Seoul: The United Arab Emirates (UAE) has decided to invest $30bn in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation.
The investment decision was announced as South Korea's President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said.
"We have decided a $30bn investment based on the trust on South Korea which keeps promises under any circumstances," Yoon's office quoted the UAE president as saying.
Details of the investment plan were not immediately known but Yoon's press secretary, Kim Eun-hye, said in a statement the investment will be directed at nuclear power, defence, hydrogen and solar energy industries, among others.
Seoul's finance ministry said the $30bn investment would be led by sovereign wealth funds, including Mubadala Investment Company.
At their summit, the two countries also signed 13 memorandums of understanding, including an agreement between the state-run Korea Development Bank and the Abu Dhabi state fund Mubadala to cooperate for investment in South Korean companies.
