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The UAE is South Korea’s largest trading partner in the Arab world, with bilateral trade worth $9.4 billion as of 2020 and over $2 billion in the first half of 2021
Korean companies that secured deals worth more than AED385 million during the two-day Korea Energy Week said they were considering strengthening their involvement in the UAE’s sustainable green energy initiative through the Comprehensive Economic Partnership Agreement (Cepa) between the two countries. Countries where investments and business partnerships are in the pipeline.
Verifair Dubai, organizers of the recent Korea Energy Week UAE 2022, said in a statement that the majority of exhibitors at the show represented the renewable energy sector and they were keen to enter the UAE’s sustainable energy market with an increasing focus on circular economy and carbon Emissions-neutral alternative energy projects that will help the UAE achieve net zero emissions by 2050.
“There are a number of joint venture projects in the UAE, Saudi Arabia and other countries in the region, with investments amounting to billions of dollars, which will benefit both countries and support their respective strategies to be carbon-neutral,” said Chul Won IM, Director, Energy Value Enterprise Development Institute. , adding that such partnerships are critical to advancing renewable energy projects and addressing the challenges of climate change and reducing greenhouse gas emissions.
The organizers of the high-profile expo are South Korea’s Ministry of Trade, Energy and Industry, as well as future investment destination Jeollanam-do, Korea Electric Power Corporation (Kepco), operator and developer of the Barakah Nuclear Power Plant, the first nuclear power plant in the Arab world. , Jeonnam Technopark, EVEDI and Interfairs Korea.
“South Korea and the UAE have had a strong bilateral relationship for more than 40 years, and the upcoming CEPA will further promote this,” added Mr. Jung Seob KIM, Section Chief, New Energy Industry Section, Jeollanam Province.
The UAE is South Korea’s largest trading partner in the Arab world, with bilateral trade worth $9.4 billion as of 2020 and more than $2 billion in the first half of 2021.
“So far, 12 MoUs have been signed and more are in the pipeline. We believe that the size of the deals will increase in the coming days as discussions between many Korean and UAE companies conclude,” Verifair said Dubai director Jeen Joshua, adding that Cepa will be another milestone in promoting bilateral cooperation between those countries.
Mr. Ki Hyun CHO, General Manager of Kepco, said: “Opportunities for Korean companies to join hands with partners in the Middle East have increased significantly, especially in the energy sector, which will create a win-win situation for companies from both countries”.
— issacjohn@khaleejtimes.com
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