SEOUL, South Korea: South Korea's presidential office has announced that the United Arab Emirates plans to invest $30 billion in South Korean industries, as part of the efforts of the two countries to expand their economic cooperation.
The announcement came after the four-day visit of South Korea's President Yoon Suk-yeol to the UAE, where he met with President Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi.
The President's office quoted Sheikh Mohammed as saying, "We have decided a $30 billion investment based on the trust on South Korea, which keeps promises under any circumstances."
In a statement, Yoon's press secretary, Kim Eun-hye, said the investment will cover vital sectors, such as nuclear power, defense, hydrogen and solar energy industries.
Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Abu Dhabi state fund Mubadala.
The two countries also signed 13 memorandums of understanding, including an investment agreement between state-run Korea Development Bank and Abu Dhabi state fund Mubadala.