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| President Yoon Suk Yeol, right, inspects an honor guard during an official welcome ceremony at the Qasr Al Watan presidential palace in Abu Dhabi on Jan. 15. Yonhap |
The United Arab Emirates decided Sunday to invest $30 billion in Korea during a summit between the two countries' leaders in Abu Dhabi, the presidential office said.
UAE President Mohamed bin Zayed Al Nahyan announced the decision while meeting with President Yoon Suk Yeol, saying, "We decided to make the investment with confidence in the Republic of Korea that keeps its promises under all circumstances," the office said.
The Republic of Korea is Korea's official name.
The summit took place at the Qasr Al Watan presidential palace on the second day of Yoon's four-day state visit to the UAE, the first such visit by a South Korean leader since the two sides established diplomatic ties in 1980.
The focus of the trip has been expansion of bilateral cooperation in areas such as nuclear power, energy, arms and investment as Yoon seeks to revive South Korea's economy through increased exports.
The president is accompanied on the trip by a business delegation representing some 100 Korean firms.
"President Yoon and President Mohamed held an expanded meeting followed by a one-on-one meeting, and agreed to develop the special strategic partnership between South Korea and the UAE to the highest level," the presidential office said in a press release.
Yoon voiced hope that the summit will be an important starting point for the elevation of the strategic partnership, with the two countries strengthening strategic cooperation not only in the four key areas of nuclear power, energy, investment and arms, but also in new industries, health, culture and people-to-people exchanges.
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| President Yoon Suk Yeol, right, inspects an honor guard during an official welcome ceremony at the Qasr Al Watan presidential palace in Abu Dhabi on Jan. 15. Yonhap |
Mohamed expressed his strong agreement, saying he was very pleased to have Yoon as his first state guest since his inauguration last May and that he strongly hopes to further develop the strategic partnership with Korea.
In particular, Mohamed cited the peaceful use of nuclear power, new and renewable energy, hydrogen, defense technology, climate change and space among areas where the UAE is ready to drastically increase cooperation with South Korea.
Yoon invited his UAE counterpart to visit Korea at a convenient time this year, and Mohamed replied that would do so at an early date as he considers South Korea to be his second home.
Following the expanded meeting, officials from the two countries signed 13 memorandums of understanding in the presence of the two leaders.
The MOUs called for increased cooperation in nuclear power, energy, investment, arms and climate change. (Yonhap)
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| President Yoon Suk Yeol and First Lady Kim Keon Hee make a pledge of allegiance to the Korean flag during a welcome ceremony at the UAE presidential palace, Sunday. Yonhap |
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