Korea and UAE sign 7 business agreements on Yoon's trip

Seven business agreements between Korea and the United Arab Emirates (UAE) were announced Sunday during President Yoon Suk Yeol’s four-day state visit.

President Yoon Suk Yeol shakes hands with United Arab Emirates (UAE) officials after arriving at Abu Dhabi International Airport in Abu Dhabi on Sunday. [YONHAP]

Seven business agreements between Korea and the United Arab Emirates (UAE) were announced Sunday during President Yoon Suk Yeol’s four-day state visit.

The agreements focused on cooperation in energy and advanced technologies. They included five memorandums of understanding (MOUs), a contract and a joint statement.

In energy, Korea’s Trade, Industry, and Energy Minister Lee Chang-yang inked an MOU with Suhail Al Mazrouei, the UAE's Energy Minister, to strengthen cooperation on hydrogen and clean energy development.

Lee also issued a joint statement with Sultan Al Jaber, the UAE's Minister of Industry and Advanced Technology, promising to form five teams to work on programs to achieve carbon neutrality.

The two ministers also signed an MOU to deepen cooperation on developing advanced technologies like mobility, aerospace and digitization in the manufacturing sector.

The Korea National Oil Corporation signed a contract with the Abu Dhabi National Oil Company to allow the latter company to store oil at the Korean firm’s storage facility in Yeosu, South Jeolla.

The deal guarantees Korea a preferred purchase right of 4 million barrels of oil in an emergency situation.

For nuclear energy, the Korea Electric Power Corporation and Korea Hydro and Nuclear Power inked an MOU with Emirates Nuclear Energy Corporation to jointly find new markets for nuclear energy and develop next-generation nuclear energy businesses such as small modular reactors (SMRs).

In the private sector, SK Inc. agreed to from a council with Mubadala Investment Company to make a platform for carbon permit trading and develop new technologies to reduce emissions.

Korea and the UAE also promised to expand trade and investments.

BY SARAH CHEA [chea.sarah@joongang.co.kr]