The Meaning of the '30 Billion Dollar Investment' in the Joint Statement

MOU Not Signed, Statement Issued... Presidential Office "Trust Confirmed"
'Korea-UAE Leaders Joint Statement' Released, Cooperation in '4 Core Areas' Included

[Abu Dhabi=Asia Economy Reporter Baek Kyunghwan] The United Arab Emirates (UAE) announced a 'Korea-UAE Joint Summit Statement' that includes an investment of $30 billion (approximately 40 trillion KRW) in Korea. Beyond agreeing to create an 'investment cooperation platform' to ensure smooth implementation of the promised investment, the two leaders went a step further by including the '30 billion dollar investment' in the joint statement. While some have analyzed the UAE's investment as having a low likelihood of execution, for the Korean government, this represents securing the most certain and reassuring measure.

President Yoon Suk-yeol, on a state visit to the United Arab Emirates (UAE), is entering the Abu Dhabi Presidential Palace on the 15th (local time) for an expanded Korea-UAE summit with UAE President Mohammed bin Zayed Al Nahyan.
[Photo by Yonhap News]

On the 16th (local time), the Presidential Office announced that a joint statement between the two leaders was adopted following the summit between President Yoon Seok-yeol and UAE President Mohammed bin Zayed Al Nahyan. The statement reflects the results of the summit held the previous day between President Yoon and President Mohammed.

The joint statement specifies the $30 billion investment amount pledged by President Mohammed for Korea. This $30 billion is the largest scale among the UAE's intergovernmental investment agreements. The previous largest investment was $12.2 billion (approximately 15 trillion KRW) with the United Kingdom. Kim Sung-han, Director of the National Security Office, emphasized repeatedly at a briefing in Abu Dhabi, "The $30 billion investment decision demonstrates President Mohammed's trust in Korea's capabilities as a sustainable future growth partner," and "It is explicitly confirmed in the joint summit statement, showing trust in the Korean economy." The Presidential Office is also focusing on the fact that both countries have expressed strong willingness to cooperate in defense and nuclear power, areas that require the highest level of trust.

The joint statement is composed of three parts: strengthening cooperation in four core areas, promoting future-oriented cooperation, and peace and stability. The section on strengthening cooperation in the four core areas includes enhancing cooperation on 'peaceful nuclear energy.' This involves follow-up projects such as jointly pursuing nuclear power plant projects in the UAE or third countries, alongside the successful completion of the Barakah Nuclear Power Plant. With President Yoon's state visit, the possibility of Korea attracting additional nuclear power projects in the UAE as well as jointly entering the nuclear power market of third countries is expected to become more concrete. Previously, the two leaders also attended the completion ceremony of the Barakah Nuclear Power Plant Unit 3 together.

Regarding the 'economy and investment' sector, the statement includes, "In the context of further expanding the special strategic partnership, the UAE government announced a $30 billion investment pledge from the UAE Sovereign Wealth Fund in Korea's strategic sectors, based on trust in the robustness and growth potential of the Korean economy." To support future-oriented cooperation, seven fields were also presented: climate change, space, new industries and digital transformation, future mobility and smart infrastructure, health and medical care, agriculture, food security and water resources, and intellectual property and statistics. Additionally, both sides agreed to work together on peace and stability in the Middle East, the Korean Peninsula, and multilateralism.

Director Kim introduced the fact that President Yoon and President Mohammed held a friendly dinner after the summit, sharing the atmosphere on-site: "The two leaders had a dinner that lasted three hours, far exceeding the scheduled 100 minutes, without any attendees except interpreters." He added, "From the opening ceremony of Abu Dhabi Sustainability Week to accompanying the Barakah Nuclear Power Plant, the two leaders spent a lot of time together, strengthening trust and friendship as brother countries for the next 100 years."

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