United Arab Emirates and Republic of Korea release joint statement following President of UAE’s state visit to ROK

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The United Arab Emirates and the Republic of Korea Strengthen Special Strategic Partnership

In a historic state visit, President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates (UAE) visited the Republic of Korea (ROK) from 28 to 29 May 2024. The visit culminated in a joint statement issued by President Yoon Suk Yeol of the ROK and President Sheikh Mohamed bin Zayed Al Nahyan, outlining their commitment to deepening and further developing the Special Strategic Partnership between the two countries.

During the summit meeting held on 29 May, the two leaders discussed key areas of cooperation, including economy and investment, conventional energy and clean energy, peaceful nuclear energy, defense and defense technology, and cybersecurity. They also explored opportunities for collaboration in infrastructure, high-tech industry, space, water technology, information and communication technology, SMEs and startups, agriculture, maritime transportation, civil aviation, education, culture, and healthcare.

One of the highlights of the visit was the signing of several agreements and Memorandums of Understanding to enhance cooperation in sectors such as economy, investment, conventional energy, clean energy, peaceful nuclear energy, infrastructure, and culture.

In the area of economy and investment, both leaders acknowledged the strong economic ties between the two countries, with bilateral non-oil trade reaching US$5.29 billion in 2023. They welcomed the signing of the Comprehensive Economic Partnership Agreement (CEPA), which aims to foster long-term growth through trade, investment, and economic diversification. The leaders also discussed expanding mutual investments in key sectors such as infrastructure, high-tech industries, and agriculture.

In the field of energy, the two leaders emphasized the importance of energy security and sustainability. They commended the establishment of the Comprehensive Strategic Energy Partnership (CSEP) in January 2023, which covers all sources of energy, including conventional, renewable, and peaceful nuclear energy. Both countries are making strides in clean and renewable energy technologies, reflecting their commitment to a sustainable energy future.

On the topic of peaceful nuclear energy, the leaders highlighted their countries’ expertise in the field and agreed to explore further cooperation in areas such as joint projects, nuclear fuel supply chain, and Small Modular Reactors (SMRs). They also discussed advancing defense cooperation, cybersecurity, and defense technology.

In addition to key areas of cooperation, the leaders also emphasized collaboration in culture, education, public health, agriculture, space, advanced technology, and intellectual property. They underscored the importance of developing human resources, promoting SMEs and startups, and enhancing infrastructure development in third countries.

Furthermore, the joint statement addressed global and regional issues, including climate change. The leaders reaffirmed their commitment to climate action, with the UAE pledging financial support to the Global Green Growth Institute (GGGI) and both countries working towards carbon neutrality goals by 2050.

The visit concluded with an invitation from President Sheikh Mohamed bin Zayed Al Nahyan for President Yoon Suk Yeol to visit the UAE in the near future. Both leaders expressed their dedication to meeting frequently and further strengthening the Special Strategic Partnership between the UAE and the Republic of Korea.

The state visit marked a significant milestone in the bilateral relations between the two countries, setting the stage for enhanced cooperation and mutual prosperity in the years to come.