UAE to find $2 bn investment opportunities in S.Korea

The country will review various sectors such as energy, ICT, biotechnology, aerospace, and K-culture

President Yoon Suk Yeol (front row left) and UAE President Mohamed bin Zayed Al-Nahyan in Abu Dhabi on January 15

Sang-Yong Park 1

2023-05-22 16:48:11 yourpencil@hankyung.com

Business & Politics

The United Arab Emirates (UAE) is reviewing $2 billion worth of investment project in South Korea, such energy and information communications technology. South Korean Ministry of Economy and Finance announced the UAE’s plan through a joint press release with the UAE government on Monday.

This announcement is a follow-up measure to the agreed $30 billion investment plan during the summit meeting between Korea and the UAE earlier this year. It indicates progress in the form of a substantial investment plan within four months.

An Abu Dhabi delegation, composed of several major sovereign wealth funds and companies including Mubadala Investment Company, visited Korea from May 15 to 16 and prioritized investment cooperation in areas such as energy, information communications technology, agricultural technology, biotechnology, aerospace and K-culture.

The investment sectors may expand to other fields in the future, and the current investment scale under direct discussion is about $2 billion.

"The large funds will flow into domestic investments, supporting our major companies, promising startups, tech ventures and small- and medium-sized enterprises to take a significant step forward in their growth," a Ministry of Economy and Finance official said.

During their visit to Korea, the delegation individually met South Korean companies to discuss investment plans. The delegates also held meetings with Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, and discussed cooperation between the two countries in various meetings, including the bilateral conference with officials of the Ministry of Economy and Finance and Korea Development Bank.

Through the latest joint announcement, South Korea and the UAE reaffirmed their willingness to cooperate, aiming to enhance exchanges and develop a cooperative relationship, supporting quick decisions on specific investments. They plan to discuss future plans at the Korea-UAE Joint Investment Cooperation Committee in early June and hold an Economic Joint Committee meeting in July.

Write to Sang-Yong Park at yourpencil@hankyung.com