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SEOUL, Jan 15 (Reuters) – The United Arab Emirates (UAE) has decided to invest $30 billion in South Korean industry as it seeks to expand economic cooperation between the two countries, South Korea’s presidential office said on Sunday.
South Korean President Yoon Hee-yeol met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi during a four-day state visit to announce the investment decision.
Yoon’s office quoted the UAE president as saying: “Based on the trust in South Korea, we decided to invest 30 billion U.S. dollars, and South Korea has kept its promise under any circumstances.”
Details of the investment plan were not immediately available, but Yoon’s press secretary, Kim Eun-hye, said in a statement that the investments would target sectors such as nuclear power, defense, hydrogen and solar energy.
The $30 billion investment will be led by sovereign wealth funds including Mubadala Investment Corp, Seoul’s finance ministry said.
The two countries also signed 13 memorandums of understanding at the summit, including an agreement between state-owned Korea Development Bank and Abu Dhabi state fund Mubadala to jointly invest in South Korean companies.
Reporting by Soo-hyang Choi and Choonsik Yoo; Editing by Christina Finch
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