UAE and Korea exchange, announce several agreements and MoUs

The President of South Korea Yoon Suk Yeol and His Highness Sheikh Mohamed bin Zayed Al Nahyan, the president of UAE exchanged and announced a number of agreements and Memorandums of Understanding (MoUs) to advance cooperation in a number of disciplines in light of the notable strategic links uniting the two nations.

The agreements and MoUs that were announced included one between the Korean Ministry of Land, Infrastructure, and Transport and the UAE Ministry of Energy and Infrastructure on the production, transmission, and storage of hydrogen energy for use in urban areas.

The UAE Ministry of Energy and Infrastructure and the Korean Ministry of Environment signed an MoU on cooperation in water resources.

The UAE Space Agency and the Ministry of Science, ICT, and Communications of Korea exchanged a memorandum of understanding (MoU) addressing the modification of a memorandum of understanding agreed upon in January 2017 regarding cooperation in space exploration and its use for peaceful purposes.

The UAE Ministry of Energy and Infrastructure and the Korean Ministry of Land, Infrastructure, and Transport have exchanged an MoU about future cooperation in mobility and transportation.

It also featured implementation plans for the nuclear energy cooperation agreement reached by the governments of the Republic of Korea and the United Arab Emirates.

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A Memorandum of Understanding (MoU) on “sovereign investment partnership” was signed by the Mubadala Investment Company and the Korea Development Bank. A second MoU on financial cooperation was signed by TAQA and the Export-Import Bank of Korea.

A joint statement from the two countries on improving energy collaboration through a strategic energy partnership. Li Chang-Yang, Korea’s Minister of Trade, Industry, and Energy, and Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, exchanged it.

The Defence Acquisition Programme Administration (DAPA) Minister, Eom Dong-hwan, and Tareq Abdul Raheem al Hosani, Secretary-General of the Tawazun Council, exchanged an agreement on strategic collaboration for the defence industry.

Dr Sultan bin Ahmed Al Jaber and Kim Dong-Sub, representatives of the respective organisations, exchanged a contract for cooperation in crude oil storage for “strategic and commercial storage” between the Abu Dhabi National Oil Company (ADNOC) and the Korean National Oil Company.

Cheong Seung-il, President of Korea Electric Power Corporation (KEPCO), Mohamed Al Hammadi, Managing Director and Chief Executive Officer of the Emirates Nuclear Energy Corporation (ENEC), and Ju-Ho Hwang, President of Korea Hydro and Nuclear Power, exchanged an MoU regarding the formation of joint strategic working groups for the Carbon Neutrality Acceleration Programme.

Khaldoun Khalifa Al Mubarak, the Chairman of the Executive Affairs Authority and a Member of the Executive Council, and Chey Tae-won, the Chairman of the SK Group, exchanged an MoU about the voluntary partnership in carbon markets in Asia.

Tareq Al Hosani, secretary-general of the Tawazun Council, and Kang Gu-young, a representative of the Korea Aerospace Industries, exchanged an MoU for a joint development programme for the upcoming generation of multi-mission cargo aircraft (KAI).