Abu dhabi: President Lee Jae Myung has committed to intensifying economic collaboration with the United Arab Emirates (UAE) in sectors such as defense, renewable energy, and artificial intelligence (AI). This initiative aims to cultivate new growth opportunities for both nations. Lee articulated these intentions during a meeting with business leaders from South Korea and the UAE, which was part of his state visit focused on fortifying economic ties with the Middle Eastern country.
According to Yonhap News Agency, Lee expressed optimism about building upon existing partnerships in areas like nuclear energy and defense by extending cooperation to emerging sectors, including renewable energy, joint weapons development, and collaboration in third-country markets. "Let us secure momentum for shared growth by advancing cooperation in clean energy and the defense industry," Lee stated at a business roundtable event in Abu Dhabi.
He proposed leveraging the UAE's substantial solar energy resources in conjunction with Korea's advanced battery technology to help both nations achieve carbon neutrality by 2050, while also fostering new eco-friendly industries. Lee emphasized South Korea's intention to aid the UAE's nuclear energy development through the construction of facilities related to nuclear fuel and electricity production.
In the realm of defense, Lee advocated for expanding collaboration beyond weapons procurement, suggesting joint development and technology sharing, as well as local production to enhance the defense industries of both countries. "We hope that joint entry into third-country markets will expand bilateral cooperation onto a global scale," he added. Additionally, Lee underscored the expertise of Korean chipmakers, positioning South Korea as "the UAE's most reliable partner" in its ambition to emerge as a global AI hub by 2031.
Lee also encouraged the expansion of people-to-people exchanges in areas like food and beauty, expressing hope that strengthened ties with the UAE would help propagate K-culture across the broader Middle East. The business event attracted notable attendees, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, Hanwha Group Vice Chairman Kim Dong-kwan, and LG Electronics CEO Cho Joo-wan.
The two nations signed five memorandums of understanding (MOUs) for cooperation in the soft power, defense, and energy sectors, according to the Ministry of Trade, Industry and Resources. Korean retail giant CJ Corp. signed separate MOUs with the UAE's largest beauty retailer LIFE Healthcare Group and AKI Client Concept to enhance the distribution of its food and beauty products in the Middle East.
In the defense sector, LIG Nex1 Co. reached a preliminary agreement with UAE's Calidus to collaborate on establishing an integrated air defense system in the UAE. The Korea Trade Insurance Corp. and Abu Dhabi National Oil Company signed an MOU to provide a preliminary credit guarantee limit of US$2 billion. Furthermore, KEPCO KDN Co., a subsidiary of Korea Electric Power Corp., agreed to collaborate with Emirates Nuclear Energy Company to develop AI and digital technologies for advancing the operational capabilities of the Barakah nuclear power plant, as reported by the ministry.
Following the roundtable, Lee plans to visit the Akh unit, a South Korean contingent stationed in the UAE, before concluding his three-day visit. He will then proceed to Cairo for discussions with Egyptian President Abdel Fattah al-Sisi, marking the second leg of his four-nation tour of the Middle East and Africa, which also includes stops in South Africa for the Group of 20 summit and Turkey.