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For 43 years, relations between the UAE and South Korea have been growing year after year, witnessing great development in various vital fields, and aspirations continue to lead the two countries to further expansion of partnerships during the next stage.
Reading the pages of history takes us to the remarkable diversity in the distinguished relations of the two countries “politically, economically and diplomatically”, as well as strategic partnerships based in their content on the principles of understanding and mutual respect, and the common desire to develop aspects of cooperation in all fields, as well as positive consensus on international and regional issues.
In light of the growing regional and international role of the UAE, South Korea is keen to deepen and expand relations with the UAE, to reach more advanced stages and to have a positive impact on the leaderships and peoples of the two countries.
The current visit of South Korean President Leon Sok-yul to the United Arab Emirates, during which he met His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, is a new milestone in the march of bilateral relations between the two friendly countries, to advance the process of sustainable development and achieve More prosperity, progress and development for both countries.
“The Gulf” stands with the most prominent developmental stations that brought together the UAE and South Korea in various vital fields, which embodied the depth and strength of relations between the two friendly countries.
The first stops.
Choosing the UAE as the South Korean president’s first foreign destination in the current year 2023 constitutes a new step towards deepening bilateral relations between the two countries, as the focus of diplomatic efforts is on economic revitalization and expansion of exports, and the endeavor to significantly enhance strategic cooperation with the UAE in four main areas, including energy, investment and defense. And nuclear energy, to achieve more achievements that achieve the common interests of the two countries and their friendly peoples.
If we look at the size of the relations between the two countries, we find that the relations are witnessing continuous development and growth thanks to the support and keenness of the leaderships of the two countries to strengthen the bonds of cooperation in all fields, as the comprehensive strategic partnership between the two countries is based on the strong political will of the leaderships of the two countries to advance the path of relations in all fields. The consensus of visions regarding all regional or international issues, and the full realization of the nature of common interests.
Since the establishment of diplomatic relations between the two countries in 1980, there has been bilateral cooperation and influential quality partnerships, especially in recent years to include important strategic sectors including nuclear energy, hydrocarbons, clean and renewable energy, and hydrogen, in addition to exploration, development and production concessions in Abu Dhabi.
strategic partnership
The Barakah Nuclear Energy Plant in Abu Dhabi represents a prominent station for the strategic partnership between the UAE and Korea, as the Emirates Nuclear Energy Corporation chose in 2009 the Korean Electric Power Company (KEPCO), which is the largest nuclear energy company in South Korea, to be the main contractor for the Barakah stations. » for Peaceful Nuclear Energy, to assume responsibility for designing and constructing the stations and then helping to operate them, with a contract worth about 73 billion dirhams (20 billion dollars).
Barakah stations are leading efforts to accelerate the reduction of the carbon footprint of the energy sector in the UAE and the Arab world, in order to achieve the goals of the UAE strategic initiative to reach climate neutrality by 2050.
local industry
The Barakah stations support the growth of the local industrial sector, and provide significant environmental benefits to the state now and over the next 60 years and beyond, by accelerating the reduction of the carbon footprint of the energy sector, as the four stations, once fully operational, will reduce annually 22.4 million tons of carbon emissions, which is the cause Once fully operational, the four Barakah stations provide up to 5,600 megawatts of environmentally friendly electricity, with 1,400 megawatts per station.
Within the framework of joint cooperation in the field of renewable energy, Abu Dhabi Future Energy Company “Masdar” and “KIPCO” signed a memorandum of understanding to explore opportunities for cooperation in offshore wind energy projects, including the existing and planned projects in the field of offshore wind energy and offshore wind energy projects. Masdar Global for Renewable Energy, and the two companies will evaluate available cooperation opportunities in the field of green hydrogen production, energy storage battery technology, and circulation and trade of energy products.
set agreements
The strength of relations between the UAE and South Korea emerged through the signing by the two countries of a set of cooperation agreements, most notably a memorandum of understanding between the UAE Ministry of Defense and the Department of Defense Acquisition Program in South Korea regarding cooperation in defense industries and defense technology, as well as 3 agreements between the Abu Dhabi Oil Company «ADNOC» and a number of Korean entities and companies, including a framework agreement with the Korean Export-Import Bank, and a joint study agreement with KNOC Oil Company and SK Hydrogen-Ammonia Gas Company, and the third agreement was with KNOC Oil Company regarding shipping ammonia.
The UAE and South Korea focus on strengthening the economic partnership through a number of joint investments, and activating the mechanisms of trade exchange, which in 2021 recorded about $600 million in favor of the UAE, compared to between $250 and $300 million in favor of South Korea. The UAE is the first Arab trade partner for South Korea. It accounts for about 27% of South Korea’s total trade with Arab countries.
country investments
Since 2020, Emirati investments in South Korea amounted to about $637 million, especially in the oil and gas, real estate, auto equipment, manufacturing, coal, and entertainment sectors. Direct Korean investments in the country amounted to $2 billion in 2019.
