Yoon Attends People Power Party Convention... More UAE Investments Expected

"UAE $30 Billion Investment Attraction Begins
More Investments to Come"

[Asia Economy Reporter Kim Young-won] Yang Geum-hee, the senior spokesperson of the People Power Party, reported on the 26th that President Yoon Seok-yeol has promised to attend the People Power Party’s party convention to be held on March 8.

Senior Spokesperson Yang said at a back briefing in the National Assembly after a party leadership luncheon held at the Yongsan Presidential Office on the same day, “(The party leadership) requested that the president attend the March 8 party convention, and the president promised to definitely attend, saying that many party members will gather and that the convention is a great festival.”

[Image source=Yonhap News]

Senior Spokesperson Yang also conveyed that during the luncheon, President Yoon focused on the behind-the-scenes story of attracting investment during his visit to the United Arab Emirates (UAE). He said, “The UAE president told President Yoon, ‘The $30 billion investment attraction is just the beginning. We will make even larger investments in the future,’” adding, “The president emphasized this statement greatly.”

Regarding the $30 billion investment received, he explained, “Before the actual visit, the UK had received about $12 billion and China about $5 billion in investments from the UAE, so we expected between $5 billion at the low end and $15 billion at the high end. However, during the summit, it was announced that $30 billion would be invested.” He added, “They said to decide specifically where to invest in Korea on their own. So currently, a UAE investment-related task force led by Yongsan and the Deputy Prime Minister is being formed to prepare for the process.”

President Yoon also reportedly mentioned that there is room to review the transfer of counterintelligence investigative authority. Senior Spokesperson Yang said, “I raised the issue that measures might be necessary regarding the transfer of counterintelligence investigative authority from the National Intelligence Service to the police next year,” and added, “The president said that since espionage investigations are connected to overseas investigations, there is room to consider the part where domestic police take full charge of the investigations.”

The luncheon was attended by Emergency Response Committee Chairman Chung Jin-seok, Floor Leader Joo Ho-young, Policy Committee Chairman Sung Il-jong, Secretary-General Kim Seok-ki, Senior Spokesperson Yang Geum-hee, and Floor Spokesperson Kim Mi-ae. Senior Spokesperson Yang explained, “The luncheon was scheduled before the Lunar New Year.”

The luncheon menu was arranged like a typical Korean meal, including Yukgaejang (spicy beef soup), Osam Bulgogi (stir-fried squid and pork), grilled fish, seasoned vegetables, and kkakdugi (cubed radish kimchi).

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