UAE, Korea to advance strategic partnership, sign MoUs related to space, clean energy, defence sectors

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Yoon Suk Yeol, President of the Republic of Korea, were present at the signing and announcement of several agreements and Memoranda of Understanding (MoUs) to develop cooperation across various sectors between the two countries.

The South Korean President, who is in the UAE on a state visit, was received by Sheikh Mohamed on January 15.  During the summit meeting held at Qasr Al Watan in Abu Dhabi, the two leaders agreed to further strengthen and develop the ‘Special Strategic Partnership’ between the two countries, according to the state news agency, WAM.

The countries will strengthen strategic cooperation in four key areas: conventional energy and clean energy, peaceful nuclear energy, economy and investment, and defence and defence technology; as well as in other areas of mutual interest including space, emerging industries and culture.

Read: UAE President receives South Korea’s head of state

The agreements and MoUs signed between the two countries include one related to hydrogen energy’s use in cities, its production, transmission and storage signed by the UAE Ministry of Energy and Infrastructure and the Korean Ministry of Land, Infrastructure and Transport, reported WAM.

An MoU on cooperation in water resources between the UAE Ministry of Energy and Infrastructure and the Korean Ministry of Environment was also signed.

The UAE Space Agency and Korea’s Ministry of Science and Information and Communications Technology exchanged an MoU related to the amendment of an agreement signed earlier in January 2017 related to cooperation in space exploration and its use for peaceful purposes.

Mubadala Investment Company and the Korea Development Bank signed an MoU regarding the “sovereign investment partnership”, while  TAQA and the Export-Import Bank of Korea also signed an MoU related to financial cooperation.

List of other MoUs signed

• A joint declaration between the two governments was inked to enhance cooperation in energy through a strategic energy partnership. It was exchanged by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Li Chang-Yang, Minister of Trade, Industry and Energy, from the Korean side.
• There was an MoU signed on strategic cooperation for the defence industry, exchanged by Tareq Abdul Raheem al Hosani, secretary-general of the Tawazun Council, with the Defence Acquisition Programme Administration Minister, Eom Dong-hwan.
• An agreement for cooperation in crude oil storage for “strategic and commercial storage” between ADNOC and the Korean National Oil Company, was signed by Dr Sultan bin Ahmed Al Jaber and Kim Dong-Sub.
• An MoU regarding the establishment of joint strategic working groups for the Carbon Neutrality Acceleration Programme was exchanged by Mohamed Al Hammadi, MD and CEO of the Emirates Nuclear Energy Corporation, and the president of Korea Electric Power Corporation, Cheong Seung-il, and Ju-Ho Hwang, president of Korea Hydro and Nuclear Power.
• An MoU between the Mubadala Investment Company and the SK Group regarding the voluntary partnership in carbon markets in Asia was signed by Khaldoun Khalifa Al Mubarak, chairman of the Executive Affairs Authority and member of the Executive Council, and Chey Tae-won, chairman of the SK Group.
• An MoU between Tawazun Council and Korea Aerospace Industries (KAI) on the joint development programme for the next generation of multi-mission cargo aircraft, was exchanged by Tareq Al Hosani, secretary-general of Tawazun Council, and Kang Gu-young, representative of KAI.