United Arab Emirates President Mohammed bin Zayed Al Nahyan made a grand entrance in South Korea on Tuesday, as his plane was greeted by an honorary escort of four F-15K Air Force fighter jets. This marks his first state visit to Asia’s fourth-largest economy, where he is set to meet with South Korean President Yoon Suk Yeol to discuss various important topics.
The summit between Sheikh Mohammed and President Yoon will focus on strengthening defense industry cooperation, exploring business and investment opportunities, and advancing energy initiatives. Both leaders are keen on deepening their “special strategic partnership,” building on the foundation laid during President Yoon’s visit to Abu Dhabi last year.
During Yoon’s visit to the UAE, the Gulf state pledged a whopping $30 billion in investments in South Korean businesses across key sectors such as nuclear power, defense, hydrogen, and solar energy. This visit by Sheikh Mohammed is seen as a reciprocal gesture to further solidify the economic ties between the two nations.
On the first day of his visit, Sheikh Mohammed engaged in meetings with top business leaders in South Korea, including Jay Y. Lee of Samsung Electronics, Chey Tae-won of SK Group, and E.S. Chung of Hyundai Motor Group. South Korea and the UAE have a long-standing business relationship, with South Korean companies securing contracts to build nuclear reactors in the Gulf state over a decade ago.
South Korea has ambitious plans to become the world’s fourth-largest defense exporter by 2027, as evidenced by recent defense contracts signed with countries like Poland and Saudi Arabia. The ongoing conflict between Ukraine and Russia has prompted countries to bolster their defenses, leading to increased arms sales and defense cooperation agreements.
The Korea Chamber of Commerce and Industry reported a significant growth in South Korea’s weapons exports to the Middle East, nearly tenfold between 2013 and 2022. The UAE state visit further boosted South Korean defense stocks, with companies like Hanwha Aerospace, LIG Nex1, and Korea Aerospace Industries witnessing substantial gains in the market.
Overall, Sheikh Mohammed’s visit to South Korea is expected to further enhance the economic and strategic partnership between the two nations. With discussions on defense cooperation, business opportunities, and energy initiatives on the agenda, both leaders are poised to take their relationship to new heights. Stay tuned for more updates on this significant state visit.