South Korea’s Ministry of Trade, Industry and Energy announced on March 16 that South Korea and the United Arab Emirates held a business roundtable meeting in the United Arab Emirates and signed contracts and memorandums of understanding worth $2 billion.
Specifically, the contracts relate to defence, and 5 MoUs relate to information and communication technology, smart farm development and more. Four of the five MOUs were signed following the visit of South Korean entrepreneurs to the UAE in January this year.
At the meeting, 11 South Korean companies and 30 UAE companies jointly sought business opportunities and signed multiple contracts in the fields of nuclear power plant construction and national defense.
ADNOC participated in the meeting to share information on its blue ammonia production project and seek ways for the two countries to cooperate on the project. Minister of State Ahmed Ali Al-Sayegh was also present to discuss cooperation in the digital and biotech industries.