Presidential Chief of Staff Kang Hoon-sik, who visited the United Arab Emirates (UAE) as a Special Envoy for Strategic Economic Cooperation and has now returned, stated that “the two countries agreed to jointly pursue projects worth more than USD 65 billion (approximately KRW 92 trillion), combining USD 35 billion in the defense industry sector and USD 30 billion in the investment cooperation sector.”

Upon his return through Terminal 1 of Incheon International Airport on the 26th, Kang told reporters that “he held in-depth discussions on three occasions with Khaldoon Khalifa Al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority and the UAE’s special envoy in charge of Korea,” and made these remarks.

He said, “The greatest achievement of this special envoy visit is the confirmation of cooperation projects worth more than USD 35 billion in the defense sector and the signing of a Defense Cooperation Framework Memorandum of Understanding (MOU).” The two countries signed an MOU to cooperate across the entire life cycle of the defense industry, from design to training and maintenance, going beyond simple weapons sales.

Kang added, “In total, including integrated air defense weapons, advanced air power, and naval power across all areas, projects amounting to USD 35 billion will be pursued.”

Based on the agreement between the leaders of the two countries, the existing USD 30 billion investment cooperation framework will also be restructured. Kang explained, “At the summit in November last year, the two countries designated defense, artificial intelligence (AI), nuclear power, and culture as strategic cooperation areas for the 100-year partnership ahead, creating the need to reorganize investment cooperation as well.”

He continued, “This is intended not only to ensure the substantive implementation of the USD 30 billion investment in Korea promised by UAE President Mohamed bin Zayed Al Nahyan, but also to actively support, from a financial perspective, the promotion of strategic projects, entry of Korean companies into the UAE, and joint entry into third countries.”

The two countries plan to sign a new investment cooperation MOU on the occasion of the next summit after coordinating detailed terms.

Kang said, “The agreement on the direction of investment reached between Korea and the UAE this time will have its specific details announced in May.”

The two sides also agreed to expand cooperation across the entire life cycle in the nuclear power sector. Kang stated, “We decided to closely cooperate in several areas, including nuclear fuel supply and nuclear power plant maintenance capabilities,” adding, “In view of the expansion of the global nuclear power market due to surging electricity demand driven by AI and other factors, we agreed to actively pursue joint entry into third countries.”

He said, “Following working-level consultations, we agreed to adopt a roadmap for a joint-entry strategy into third countries on the occasion of the summit.”

In addition, the two countries plan to accelerate working-level consultations with the goal of finalizing concrete cooperation projects by the time of the summit in areas such as AI, advanced technologies, culture, education, healthcare, and food. Kang explained, “The two countries agreed to establish working groups for each sector and operate them on a biweekly basis,” adding, “Chairman Khaldoon will visit Korea again in March or April to jointly review progress and continue follow-up discussions.”

Meanwhile, Kang said that, during his courtesy call on President Mohamed, he delivered a personal letter from President Lee inviting President Mohamed to visit Korea. President Mohamed responded that he would make a return visit at an early date.

Popular News