South Korea, UAE sign pact to boost economic relations

At least 19 deals signed as President Yoon hosts visiting Arab leader Mohamed bin Zayed Al Nahyan

By Riyaz ul Khaliq

ISTANBUL (AA) – South Korea and the United Arab Emirates (UAE) Wednesday signed the Comprehensive Economic Partnership Agreement, or CEPA, to boost trade and economic relations.

The pact was signed after President Yoon Suk-yeol hosted UAE leader Mohamed bin Zayed Al Nahyan for summit-level talks in Seoul.

Al Nahyan is on a two-day state visit to South Korea, the first by any sitting Emirates leader.

Among 19 deals, the two sides signed a memorandum of intent “calling for South Korea to build at least six liquefied natural gas carriers worth some $1.5 billion,” Seoul-based Yonhap News reported.

UAE reaffirmed its commitment to invest around $30 billion in South Korea as agreed by the two sides during Yoon’s state visit to the Arab nation last year in January, in the first such trip by a South Korean president.

Seoul and the UAE agreed to jointly work in areas including investment, energy, nuclear power, defense, technology, climate change and cultural exchanges.

Besides, Yoon and MbZ decided to bolster a joint crude oil storage project.

The two sides established diplomatic relations in 1980 and the bilateral trade volume reached $20.8 billion last year.

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