South Korean President Yoon Suk-yeol and UAE President Mohamed bin Zayed Al Nahyan recently met in Seoul to strengthen their economic partnership. The Comprehensive Economic Partnership Agreement (CEPA) was signed between the two nations, marking an important milestone in their trade and investment relations. Notably, the UAE became the first Arab country to establish a free trade agreement with South Korea.
As part of the agreements reached during the summit, South Korean shipbuilders will construct six LNG carriers worth $1.5 billion for the Abu Dhabi National Oil Company. Additionally, the UAE’s sovereign wealth fund reiterated its commitment to invest $30 billion in South Korea, further boosting economic cooperation between the two countries.
Various other deals and Memorandums of Understanding (MoUs) were signed in areas like climate change, energy, infrastructure, nuclear power, intellectual property, defense, and technology. President Mohamed’s visit to Seoul marked a historic occasion as the first UAE president to make a state visit to South Korea.