UAE and South Korea Strengthening Economic Ties

Abdullah Khalfan Al Rumaithi

Abdullah Khalfan Al Rumaithi, the United Arab Emirates Ambassador to South Korea said in an interview that the UAE is eager to enlarge and strengthen its partnership with South Korea, especially in the areas of renewable energy, oil, training, education, construction, shipbuilding, semiconductors, information technology and telecommunications.

Two Leaders Meet

Progress in the economic and diplomatic relationship between South Korea and the UAE has been bolstered by the efforts of the President of the UAE His Highness Sheikh Kalifa bin Zayed Al Nahyan and the President of South Korea Lee Myung-bak. The two leaders have expressed their strong desire to create a situation of full partnership in both the investment and economic spheres.

“Due to these efforts the two friendly countries have attained achievements and inked several agreements to ensure the security of energy and economic development of the two peoples,” said the UAE representative.

Nuclear Power Plant Construction

The alliance between the two nations got its recent major boost as a result of the successful bid of a South Korean Consortium to build four nuclear reactors in the UAE in 2010. The construction was part of the UAE’s civil nuclear energy program. After that bid the Crown Prince of Abu Dhabi, General Sheikh Mohammed bin Zayed Al Nahyan visited South Korea in May of 2010.

“The visit has kick started the new era of furthering the bilateral relations in different fields between the UAE and South Korea”, said the UAE ambassador to South Korea.

South Korean Office of Knowledge Opening in Abu Dhabi

In order to further the development of economic relations between South Korea and the UAE, the South Korean Ministry of Knowledge will open an office in Abu Dhabi. The office will help Korean investors better control their investments in the Middle East and North Africa. It is believed that the establishment of this office is a reflection of the great confidence South Korea has in the economic placement of Abu Dhabi in the region.