Friday, February 26, 2021

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UAE Keen To Enhance Strategic Partnership With South Korea

The UAE and South Korea are keen to intensify cooperation in various fields. The crown prince and UAE’s Armed Forces, Deputy Supreme Commander arrived in South Korea, a crucial market and powerhouse of innovation for the UAE.

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Both UAE and South Korea are willing to enhance cooperation in various fields such as 5G technology, information technology, security, defence, and energy.

Last year, South Korean President Moon Jae-in visited the UAE and admired the country. “More than anything else, it is truly meaningful for me to visit the land that achieved the Miracle in the Desert through unceasing endeavours for reform and innovation as well as socio-economic progress,” the South Korean President said.

After South Korean President Moon met Shaikh Mohammad Bin Zayed, the two countries signed an agreement to establish a Special Strategic Partnership. The two leaders’ visit to the completion ceremony of the first unit of the Barakah nuclear power plant clearly shows the strength of the friendship they achieved together.

A state-owned energy company, Korea Electric Power Corporation (Kepco), won a $25 billion contract to build the Barakah plant. The four Barakah nuclear power reactors undergoing construction will generate one-fourth of the total electricity in the UAE.

The diplomatic relations between UAE and South Korea began in 1980, the Barakah plant was the driving force behind the progressive and special strategic partnership between the two countries. Meanwhile, South Korea has registered a good presence in the UAE market. There are multiple world-class Korean companies which are doing business in the field of engineering procurement construction for infrastructure and plants.

The UAE is currently South Korea’s 16th-largest trade partner, with trade totaling US$15 billion (Dh55 billion) – an increase of 16.5 percent over 2016, according to data provided by the South Korean Embassy.

The UAE will be a very crucial market for Korean companies with more than 20 flights per week between Korea and Abu Dhabi, more than 200,000 Korean tourists are flying to the UAE every year. Furthermore, travellers enjoy visa-free travel on both sides. Many Korean professionals are working in industries such as nuclear power, oil, gas, and construction.

The UAE is interested in introducing those kinds of user-friendly systems. Korea is helping the UAE in its customs clearance and supporting UAE government to set up an electronic patent system for handling patent-related affairs.

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