South Korea, UAE summit to focus on defence, energy and investment

SK

29/05/2024 03:03

SEOUL, May 29 (Reuters) - South Korean President Yoon
Suk Yeol will host United Arab Emirates President Sheikh
Mohammed bin Zayed Al Nahyan at a summit on Wednesday, with
talks expected to focus on business and investment, energy and
cooperation in the defence sector.
    At a ceremony ahead of the summit, the UAE president is due
to be welcomed by a flypast of Air Force jets, as South Korea
seeks to tap the energy-rich Gulf state's investment potential. 
 
    The summit comes after Yoon's state visit to Abu Dhabi early
last year, when the UAE pledged $30 billion in investment in
South Korean businesses in areas spanning nuclear power,
defence, hydrogen and solar energy. 
    The leaders are due to attend the signing of agreements and
memoranda of understanding following the summit, Yoon's office
said, without providing details. 
    The two will discuss deepening their "special strategic
partnership," Yoon's office said in a statement.
    On Tuesday, Sheikh Mohammed met the leaders of some of South
Korea's top conglomerates including Jay Y. Lee of Samsung
Electronics, SK Group Chairman Chey Tae-won and Kim Dong-kwan of
Hanwha Group, which has emerged as a major defence contractor.
    South Korea has signed a series of global defence equipment
contracts as part of plans to become the world's fourth-largest
defence exporter by 2027. Recent deals include one with Poland,
which is seeking to bolster its defences as a close neighbour of
Ukraine, which is at war with Russia.
    

 (Reporting by Jack Kim
Editing by Ed Davies)
 ((jack.kim@thomsonreuters.com; +822 6936 1455;))