Now the United Arab Emirates will invest $30 billion in South Korea's industries as the two countries seek to expand economic cooperation. The investment decision was announced as South Korea's President Yun Sukyo met his UAE counterpart, Sheikh Mohammed bin Zadalan.
The meeting took place in Abu Dhabi, where the South Korean president is on a four day state visit. Details of the investment plan were not immediately known, but officials say the investment will be directed at nuclear power, defense, hydrogen and solar energy industries, among others.
Seoul's Finance Ministry said the $30 billion investment would be led by sovereign wealth funds. The two countries have also signed 13 memorandums of understanding. UAE has also hinted that it wants to double down on its military links with Korea.
South Korea and the United Arab Emirates have signed an MoU strategic Defense industry cooperation in a sign of deepening bilateral security ties. Under the pact, the two sides will continue efforts for joint investment, research and technological development to further develop bilateral cooperation in the arms industry.
