UAE President Engages with Top Business Leaders During State Visit to South Korea

8 days ago
UAE President Engages with Top Business Leaders During State Visit to South Korea

On Tuesday, the President of the United Arab Emirates held discussions with leaders of major South Korean conglomerates, following the UAE’s announcement last year of a significant $30 billion investment plan in the country.

President Sheikh Mohamed bin Zayed Al Nahyan has made history by becoming the first sitting UAE president to embark on a state visit to Asia’s fourth-largest economy.

Last year, as President Yoon Suk Yeol made his visit to Seoul, the UAE announced plans for a significant $30 billion investment in South Korea.

Follow-up announcements to the investment plan, which is expected to cover arms and energy, are expected to be made during the two-day visit which includes a summit with Yoon.

The Emirati president met leaders of South Korea’s largest companies upon his arrival, most notable the chairmen of Samsung Electronics, SK Group and Hyundai Motor Group.

Bang Si-hyuk, chairman of HYBE and the mastermind behind K-pop sensation BTS, as well as Kim Taek-jin, CEO of leading gaming firm NCSoft, also attended the meeting at a hotel in central Seoul.

“We are looking for ways to increase our cooperation in the shipbuilding sector, including commercial vessels and warships,… and the environmentally friendly energy sector,” Chung Ki-sun, CEO of HD Hyundai, a shipbuilding conglomerate, told reporters before the meeting.

South Korea’s presidential office last week said the two countries’ leaders will discuss way to enhance cooperation in traditional and clean energy, economy and investment, “peaceful” nuclear energy and defence.