South Korea may receive up to 30 billion investments from UAE
2023.01.15 08:47
South Korea may receive up to 30 billion investments from UAE
Budrigannews.com – South Korea’s presidential office announced on Sunday that the United Arab Emirates (UAE) has decided to invest $30 billion in South Korea’s industries in an effort to expand economic cooperation.
According to Yoon’s office, the investment decision was made during President Yoon Suk-yeol of South Korea’s four-day state visit to Abu Dhabi, where he met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan.
The UAE president was quoted by Yoon’s office as saying, “We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances.”
Although the specifics of the plan for the investment were not immediately available, Yoon’s press secretary, Kim Eun-hye, stated in a statement that the investment will target a variety of industries, including nuclear power, defense, hydrogen, and solar energy.
The $30 billion investment, according to Seoul’s finance ministry, would be led by sovereign wealth funds like Mubadala Investment Company.
The two nations also signed 13 memorandums of understanding at their summit, including a deal for the Abu Dhabi state fund Mubadala and the state-run Korea Development Bank to work together to invest in South Korean businesses.
