South Korea And UAE Strengthen Relations With Key Energy And Economic Agreements

The state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), to the Republic of Korea (ROK) concluded successfully, marking a significant enhancement in the bilateral relations between the two nations. Invited by His Excellency Yoon Suk Yeol, President of South Korea, Sheikh Mohamed’s visit spanned May 28-29, 2024.

During a summit on May 29 at the Presidential Office, the leaders committed to deepening their Special Strategic Partnership. Key areas of focus included economic cooperation, energy security, defense, and technology. The leaders witnessed the signing of numerous agreements and Memorandums of Understanding (MoUs) in sectors such as economy, investment, energy, infrastructure, and culture.

Both leaders acknowledged the robust economic ties, with bilateral non-oil trade reaching USD 5.29 billion in 2023. They celebrated the signing of the Comprehensive Economic Partnership Agreement (CEPA), aimed at fostering sustainable growth through trade and investment. Notably, the UAE’s commitment to investing USD 30 billion in South Korea’s strategic sectors was highlighted, with further exploration of USD 6 billion in opportunities through the UAE-Korea Sovereign Investment Partnership.

The two leaders, recognizing the importance of energy security and stability in global energy supply chains, commended the establishment of the Comprehensive Strategic Energy Partnership (CSEP) in January 2023, which enables joint collaboration across all sources of energy, including conventional, renewable, and peaceful nuclear energy.

The two leaders agreed on the importance of leveraging and broadening this partnership to further accelerate investments in energy security, decarbonization, climate action, and advanced technologies, and noted that the partnership will serve as a key driver in fostering sustainability and innovation to benefit their countries and the broader global community. In this context, both Presidents recognized that the UAE Consensus adopted at COP28 provided the world with a pathway for a just, orderly, and equitable energy transition which will accelerate action in this critical decade.

The two leaders shared the view that together, the two countries are making strides in the fields of clean and renewable energy technologies, including hydrogen and ammonia, and are promoting responsible nuclear energy use, reflecting the shared commitment to developing a more sustainable model to meet future energy needs.

In this context, the two leaders provided updates on their efforts and progress in deploying and using clean and renewable energy solutions that are central to addressing the challenges of climate change and reducing greenhouse gas emissions. In this regard, the President of the Republic of Korea commended the UAE’s leading role as the first country in the Middle East and North Africa to commit to net zero through the UAE’s Net Zero 2050 Strategy, which was announced last year.

The visit concluded with President Yoon extending an invitation to Sheikh Mohamed for a future visit to the UAE, signalling a continued commitment to strengthening their Special Strategic Partnership.