Yoon's First Overseas Visit of the New Year to UAE... Economic Delegation of 100 Companies, Directly Overseeing Nuclear Power (Update)

First State Visit to UAE from 14th to 17th, First Since Diplomatic Relations Established
Attending Nuclear Power and Economic-Energy Events... "Upgrading Bilateral Relations"
Accompanied by Economic Delegation of 100 Companies... "Including Promising Companies in Both Countries"

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol will visit the United Arab Emirates (UAE) as his first overseas trip of the new year. Invited by UAE President Mohamed bin Zayed Al Nahyan, he will visit the UAE from the 14th to the 17th of this month. This is the first state visit to the UAE by a Korean president since the establishment of diplomatic relations between the two countries in 1980. The Blue House explained, "President Yoon’s first state visit to the UAE reflects the mutual expectation of both countries to elevate the special strategic partnership between Korea and the UAE to a higher level."

Kim Sung-han, Director of the National Security Office, held a briefing at the Yongsan Presidential Office on the afternoon of the 10th and stated, "President Yoon will make a state visit to the UAE from the 14th to the 17th upon the invitation of UAE President Mohamed bin Zayed Al Nahyan, and will attend the World Economic Forum Annual Meeting, also known as the Davos Forum, held in Davos, Switzerland, on the 18th and 19th."

[Image source=Yonhap News]

Director Kim said, "So far, there have been about 14 reciprocal visits between the heads of state of the two countries, but neither side has ever had a visit by the people," emphasizing the significance of Korea’s president’s first state visit to the UAE. President Yoon is scheduled to attend a summit with UAE President Mohamed bin Zayed Al Nahyan, a state luncheon, visit the Al Dhafra base and Barakah nuclear power plant, and participate in economic and energy-related events in the UAE.

The reason President Yoon chose the UAE as his first destination of the year and his first visit to the Middle East is due to Korea’s diplomatic focus on revitalizing the economy and expanding exports. Director Kim said, "Through this visit, we will significantly strengthen strategic cooperation with our brotherly nation, the UAE, in four core areas: nuclear power, energy, investment, and defense industry," adding, "We expect the scope and depth of cooperation to expand further through multiple agreements."

A Blue House official emphasized President Yoon’s visit to the Barakah nuclear power plant as "a project symbolic of nuclear cooperation," stating, "Although there were ups and downs during the previous administration, this is a very important opportunity to normalize nuclear cooperation between the two countries again and simultaneously upgrade it to a higher level."

An economic delegation composed of about 100 Korean companies will also accompany the president. This is a measure to comprehensively support Korean companies’ entry into the UAE market. It is also known that cooperation plans with the UAE sovereign wealth fund will be discussed during this process.

This economic delegation was formed on a private-sector-led basis. About 70% of the participating companies are mid-sized enterprises. In addition to traditional cooperation sectors such as energy, infrastructure, and construction, companies from promising fields of economic cooperation between the two countries, including defense industry, game content, smart farms, tourism services, and consumer goods, are also included.

Earlier, President Yoon and UAE President Mohamed bin Zayed Al Nahyan, who both took office around the same time in May last year, confirmed their intention to develop bilateral relations through the dispatch of special envoys and exchange of letters. The Blue House added, "This time, by meeting directly and having in-depth conversations, they will build a strong trust relationship," and "This will be a very valuable asset in strengthening the relationship between the two countries going forward."

This content was produced with the assistance of AI translation services.