Korean, UAE firms sign $6.1 bil. worth of deals in energy, defense and mobility businesses

The Korea Times

The Korea Times

Business

Tue, September 26, 2023 | 11:46

Companies

Korean, UAE firms sign $6.1 bil. worth of deals in energy, defense and mobility businesses

Posted : 2023-01-16 23:38

Updated : 2023-01-17 11:26

President Yoon Suk Yeol delivers a keynote speech at the Korea-UAE Business Forum held at the Rixos Marina Abu Dhabi hotel, Monday. Yonhap

By Baek Byung-yeul

Korea and the United Arab Emirates (UAE) signed a total of 24 agreements worth $6.1 billion in traditional industries, such as energy and defense, as well as emerging businesses, including hydrogen, mobility, bio and digital transformation, according to the Ministry of Trade, Industry and Energy, Monday.

The ministry said about 320 officials from business lobby groups, Samsung Electronics, Hyundai Motor Group and other Korean companies, who accompanied President Yoon Suk Yeol's state visit to the Middle Eastern country, held the Korea-UAE Business Forum at the Rixos Marina Abu Dhabi hotel.

"Since the COVID-19 pandemic, this is Korea's first large-scale economic event that has been accompanied by a large private economic delegation on the occasion of a summit tour," the ministry said.

"In order to respond to recent changes in the global environment, companies in Korea and the UAE discovered new cooperative projects and created the conditions to promote full-fledged economic partnerships," it added.

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Samsung Electronics Chairman Lee Jae-yong, second from right, attends the Korea-UAE Business Forum at the Rixos Marina Abu Dhabi hotel, Monday. Yonhap

In the energy sector, Korea National Oil Corporation signed a memorandum of understanding (MOU) with a UAE company to jointly produce hydrogen and ammonia. In addition, Samsung C&T also inked MOUs in the fields of hydrogen, renewable energy, electric power transmission and gas power generation, while Daehan E&C agreed to cooperate with a UAE company in renewable energy.

In the defense industry, three MOUs and one contract were signed with Korean companies including Hyundai Heavy Industries and LIG Nex1, confirming the solid cooperation in the sector between the two countries.

A total of eight MOUs were signed with UAE companies in the fields of biotechnology with Medytox, digital services with Megazone Cloud, digital conversion with Yanolja, and also in the areas of metaverse and data collection solutions with other Korean businesses.

Chey Tae-won, left, chairman of the Korea Chamber of Commerce and Industry (KCCI) as well as SK Group, speaks with HD Hyundai President Chung Ki-sun, center, and Hyosung Group Chairman Cho Hyun-joon, ahead of the Korea-UAE Business Forum at the Rixos Marina Abu Dhabi hotel, Monday. Yonhap

To promote Korean companies' technologies and products, the industry ministry and Korea Trade-Investment Promotion Agency (KOTRA) also held a joint business meeting at the Rixos Marina Abu Dhabi hotel.

The meeting involved 37 Korean companies and around 60 buyers from the Middle East, including the UAE.

"In line with the UAE's industrial diversification policy, this event expanded the scope of cooperation to emerging industries such as clean energy, smart cities, smart farms, cultural contents and premium consumer goods, along with traditional fields of cooperation such as energy, and nuclear power plants," the industry ministry said.

The event was divided into two different sessions to meet as many buyers as possible. In addition to export counseling, one-to-one consultations took place to discuss various methods of collaboration, such as technical cooperation and joint advancement.

baekby@koreatimes.co.kr