The UAE and Korea are discussing enhancing cooperation in the energy, industry and advanced technology sectors
SEOUL, 18 December / WAM / His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, yesterday made an official visit to the Republic of Korea, during which he held a number of high-level meetings with senior government officials and leaders of the private sector, with the aim of strengthening bilateral cooperation and exploring new horizons for the strategic partnership between the UAE and the Republic of Korea.
During the visit, His Excellency met with His Excellency Cho Hyun, Minister of Foreign Affairs of the Republic of Korea, in the presence of His Excellency Abdullah Saif Al Nuaimi, the UAE Ambassador to the Republic of Korea, and His Excellency Hassan Jassim Al Nowais, Undersecretary of the Ministry of Industry and Advanced Technology, where ways to strengthen bilateral relations and develop areas of cooperation were discussed, especially in sectors of common interest. His Excellency stressed the keenness of the UAE leadership to strengthen the special strategic partnership with the Republic of Korea, and to advance it to broader horizons in a way that serves the common interests of the two friendly countries, noting that the Republic of Korea is a major strategic partner of the UAE in supporting energy security and promoting the growth of advanced industries.
He explained that the directives of the leadership in the UAE emphasize consolidating and strengthening bilateral relations, and building sustainable development partnerships with friendly countries, based on foundations of trust, mutual respect and constructive cooperation, in a way that enhances stability, supports development paths, and achieves common interests.
Dr. Sultan Al Jaber also met with His Excellency Kim Sung-hwan, Minister of Climate, Energy and Environment of the Republic of Korea. During the meeting, opportunities for cooperation in the fields of energy, clean energy, and other topics of common interest were discussed.
His Excellency stressed the UAE’s interest in strengthening partnerships in clean energy projects and low-carbon technologies, and exploring and creating strategic and qualitative opportunities in priority areas for both countries.
His Excellency also held a meeting with His Excellency Kim Jong-kwan, Minister of Trade, Industry and Resources of the Republic of Korea, during which opportunities for cooperation in the fields of industry, advanced technology and future industries were reviewed, and ways to develop partnerships in supply chains and enhance industrial cooperation were discussed in a way that contributes to supporting the competitiveness of the industrial sector and achieving common economic interests.
During the visit, His Excellency met with the heads and officials of a number of government institutions and major Korean companies, including Yangjin Jang, Chairman of the Korea Trade Assurance Corporation (K SURE), Wongsoo Ho, Chairman and CEO of GS Energy Group, Sihong Hur, President and CEO of GS Caltex, Jungsoo Lee, CEO of SK E&S, Ho Jun Chang, CEO of SK TI, a subsidiary of the Korean SK Group, and Kim Dong Kwan, Vice Chairman of the Korean Hanwha Group.
The meetings touched on expanding areas of cooperation in the energy field, including crude oil storage, crude, gas and liquefied natural gas sales, in addition to hydrogen and renewable energy, and enhancing new investment opportunities in the two countries.
It is worth noting that the total trade exchange between the two countries in 2024 amounted to about 22.9 billion dollars (including petroleum products), while non-oil trade exchange amounted to about 6.6 billion dollars, achieving a growth of 15% compared to 2023.
The UAE is the second trading partner of the Republic of Korea in the Gulf Cooperation Council countries, as it receives about 32% of Korea’s exports to the GCC countries, while the Republic of Korea ranks 28th among the largest trading partners of the UAE globally.
During the past five years, non-oil trade recorded growth exceeding 80%, driven by a 48% increase in imports, and exports recovered after the Covid-19 pandemic by 35%, despite recording a decline in 2024 by 25% compared to 2023.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
