Korean companies such as Samsung C&T and Hyundai Heavy Industries have achieved a total of 7.5 trillion won in economic cooperation with UAE companies in energy, defense, bio, and smart farms.
Analysts say that with President Yoon Suk-yeol's visit to the UAE, the cooperation field between the two countries has expanded beyond existing energy and defense to future high-tech industries.
The Ministry of Trade, Industry and Energy(MOTIE) announced that it signed a total of 24 MOUs and contracts worth at least US$6.1 billion (approximately KRW 7.55 trillion) at the 'Korea-UAE Business Forum' held at the Rixos Hotel in Abu Dhabi, UAE on Jan. 16.
An official from the MOTIE said, "A memorandum of understanding has been signed in new industries such as hydrogen production and utilization (mobility), bio, digital conversion, and metaverse along with traditional cooperation areas such as energy and defense. Economic cooperation between the two countries has been advanced and diversified."
The forum was attended by leading domestic companies such as Korea National Oil Corporation, Samsung C&T, Hyundai Heavy Industries, LIG Nex1, Medytox, and Yanolja, as well as major domestic organizations such as the Korea International Trade Association (KITA), KOTRA and Korea Trade Insurance Corporation(K-SURE).
First of all, a total of four MOUs, including hydrogen and renewable energy, were signed in the energy sector.
The Korea National Oil Corporation has established a strategic partnership with the Abu Dhabi National Oil Company (ADNOC) for joint production of low-carbon hydrogen and ammonia in the UAE.
Samsung C&T signed an MOU with Abu Dhabi Future Energy Company (ADFEC), a state-run clean energy company, for hydrogen and new renewable projects, and an MOU with Abu Dhabi National Energy Company (TAQA) for transmission and gas power generation projects.
In the defense sector, three companies, Hyundai Heavy Industries, LIG Nex1 and K-Tech, signed one contract and two MOUs related to defense projects.
The contents of the contract were kept private in consideration of corporate secrets.
In the new industries, Medytox and Dubai Science Park (DSP) signed an MOU to establish a bio-finished product production plant.
In addition, a total of eight MOUs were signed, focusing on information and communication technology (ICT) fields such as digital transformation (Yanolja) and integrated digital services (MegaZone Cloud).
In the smart farm sector, WooDeaumGee Farm and Formit signed a total of three memorandums of understanding regarding the establishment of smart farms.
This is expected to further increase the production and distribution of domestic agricultural products in the UAE in the future.
KITA, KOTRA and K-SURE signed a memorandum of understanding to help arrange meetings and exchange information between the two companies.
Regarding this achievement, an official from the MOTIE said, "It is the first large-scale economic event accompanied by a large-scale private economic delegation after the spread of COVID-19," adding, "It opened a new horizon to expand and develop into a full-scale economic cooperation between the two countries."
Apart from the business forum, a Korea-UAE business consultation meeting was also held in Abu Dhabi.
The consultation meeting, held in connection with the forum, was designed to revitalize exchanges between companies from the two sides, and one-on-one consultations were conducted on export counseling, technology cooperation, and joint entry.
A total of 100 companies participated, including 37 Korean companies and 60 UAE buyers.