Page 244 - MOE ENGLISH PR - MAY 2024

The UAE’s Comprehensive Economic Partnership Agreement with the Republic of
Korea is another important tool in our armoury, one that will spur further diversification,
promote economic inclusion and attract investments into sectors of critical national
interest - such as renewable energy and food security. Korea’s advanced economy,
which has just posted a record trade surplus, presents an important partner for the UAE,
and we are ready to fully embrace its possibilities.”

Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure said, “The
CEPA between the UAE and the Republic of Korea reflects the robust trade and
investment ties between our nations - which includes increasing collaboration in
renewable energy and its associated infrastructure. The Barakah Nuclear Energy Plant
in Abu Dhabi, which was designed, built and operated by Korean energy firms, is the
most conspicuous example, while the UAE has now committed to investing $30 billion in
the Korean economy, with renewable energy and advanced technology among the
sectors earmarked. As Korea seeks to deliver on its Green New Deal, which includes
commitments to generate 20 percent of the country’s power with renewables by 2030,
and as the UAE meets its own ambitious Net Zero targets, the CEPA will provide an
important mechanism for facilitating more investment and cooperation in this priority
sector.”

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology said,
“There are few countries that possess the industrial and technological knowhow of the
Republic of Korea. Its emergence over the last three decades as a major global
economy has been driven in large part by manufacturing exports, including machinery,
consumer electronics, cars and automotive parts, which has helped propel its
investment into the development of an unrivalled advanced technology ecosystem. The
UAE is now fully committed to a similar development path, and a CEPA with Korea,
which follows a series of MoUs on industrial and technological collaboration signed in
January 2023, will enable our businesses, investors and entrepreneurs to engage with
their counterparts, share knowledge and insights and drive a new era of growth based
on innovation and creativity.”

Abdullah bin Touq Al Marri, Minister of Economy said, “The Republic of Korea is one of
the major global economies, with a GDP exceeding $1.7 trillion and a highly developed
mix of industrial, technological and service capabilities. It is an ideal trade and
investment partner for the UAE, one capable of supporting our efforts to diversify the
national economy and our transition to a knowledge- and innovation-based new
economy. In light of the objectives of the “We UAE 2031” vision. The UAE-Korea
Comprehensive Economic Partnership Agreement will create a wealth of opportunities
for our private sector, from accelerated trade flows to investment and economic projects
in key sectors of economy. The latest CEPA underlines our ongoing efforts towards
achieving sustainable economic development, and will also contribute to enhancing the
growing significance of Asia on the global economic landscape.

Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment said,
“The Republic of Korea is one of the major champions of agri-tech and the ongoing

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