Yoon calls for unearthing innovative investment partnerships between S. Korea, UAE

By Lee Haye-ah

SEOUL, Jan. 31 (Yonhap) -- President Yoon Suk Yeol called Tuesday for unearthing innovative partnerships between South Korea and the United Arab Emirates with the help of the UAE's US$30 billion investment pledge.

Yoon made the remark while presiding over a meeting on ways to execute the massive investment, which UAE President Mohamed bin Zayed Al Nahyan announced during their summit in Abu Dhabi earlier this month.

"The $30 billion investment by the UAE's sovereign wealth funds was a decision our brother nation the UAE made out of trust in us," he said during the meeting at the office of the Korea International Trade Association in southern Seoul.

"We must reciprocate by unearthing innovative investment partnership projects that are in line with both countries' interests," he said.

The investment is expected to be directed at South Korea's high-tech industries, such as energy, nuclear power, hydrogen, solar energy and defense.

Yoon said the government will launch an investment cooperation network involving public and private entities from both countries, as well as a bilateral investment cooperation platform to facilitate discussions with the UAE on areas South Korea plans to focus the investment on.

He also said the government will provide comprehensive policy and diplomatic assistance to help produce concrete results from the dozens of memorandums of understanding signed between the two countries during his state visit to the UAE.

"The government will make thorough preparations to transition our systems to global standards so that we can see immediate follow-up measures in the wake of my visit, and help businesses run with all their might and compete in the economic war," Yoon said.

hague@yna.co.kr
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