• Korea-UAE to establish cooperation of KRW 7.5 tln for Defense and Renewable Energy
    2023-01-18 hit 611

    Korea-UAE establish cooperation of KRW 7.5 tln for Defense and Renewable Energy

    Korea-UAE establish cooperation of KRW 7.5 tln for Defense and Renewable Energy; 

    Lee Chang-yang Minister of Trade, Industry and Energy attends Korea-UAE Business Forum;

    A Total of 24 Contracts and MOUs Reached, including new businesses such as Metaverse


    The Korean government has established contracts and MOUs worth a total of a minimum of KRW 7.5 tln with the United Arab Emirates government in the areas of energy, new industries, defense and smart farms upon President Yoon Suk-Yeol’s visit to the UAE. On January 16th (local time), during President Yoon’s state visit to the UAE, Lee Chang-yang, Korea’s Minister of Trade, Industry and Energy attended the “Korea-UAE Business Forum” held at the Marina Abu Dhabi, and the MOU signing ceremonies. 

    During the forum on this day, 23 MOUs and 1 contract, worth a total of a minimum of USD 6.1 bln (about KRW 7.5457 tln), were established. Along with traditionally cooperative areas such as energy and defense, MOUs were established in new industry areas such as hydrogen production and use (mobility), bio, digital conversion, Metaverse, etc., providing an impetus for advancement and diversification of bilateral economic cooperation.

    First, a total of four MOUs were established for joint production of hydrogen/ammonia (Korea National Oil Corporation); hydrogen and new renewable energy (Samsung C&T); renewable energy (Daehan E&C); and power transmission and gas generation (Samsung C&T). With the expectation that there would be expanded cooperation in the energy area, two MOUS were also established regarding hydro mobility and infrastructure - one for supply of hydrogen mobility (Korea Automotive Technology Institute, Kwang Shin), and another for cooperation among transportation agencies (Korea Transport Institute). 

    Other than the bioscience sector (Medytox), a total of 8 MOUs were established, such as in integrated digital services (Megazone Cloud), digital conversion (H2O Hospitality, Yanolja - two cases), Metaverse technology (AEIV Global, Entre Reality), data collection solutions (Main Information System) and other ICT areas.

    Hyundai Heavy Industries, LIG Nex1, K-tek had two MOUs and one contract established for the defense industry. Woo Deum Gee Farm, POMIT, Ollepam established three MOUs regarding the building of smart farms, and this is expected to bring about further expansion of production and distribution of Korean agricultural foods within the UAE. Furthermore, the Korea International Trade Association, the Korea Trade-Investment Promotion Agency and the Korea Trade Insurance Corporation established three MOUs to support the economic activities of the companies of the two countries, such as arranging meetings and exchanging information. On the other hand, one MOU was also established to support the advancement of Korea startups into the UAE. 

    This event was the first large scale business event in which a large-sized private business delegation accompanied the President on his tour since the breakout of Covid-19. The Ministry of Trade, Industry and Energy remarked, “In order to cope with the recent changes in the global environment, Korea-UAE companies have identified new cooperative projects, and formed a condition for pursuit of outright economic cooperation among the companies of the two countries...This is indeed significant as new ground has been broken for expanded development of full-fledged economic cooperation that surpasses the bilateral economic cooperation areas of energy and defense and encompasses all industries including new high tech industries and smart farms. 

    [Provided by Newsis]

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