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S. Korea, UAE Sign CEPA, Seoul's 1st with Arab Nation

Written: 2024-05-29 14:07:48Updated: 2024-05-29 14:45:16

S. Korea, UAE Sign CEPA, Seoul's 1st with Arab Nation

Photo : YONHAP News

South Korea and the United Arab Emirates(UAE) on Wednesday signed a comprehensive economic partnership agreement(CEPA), Seoul's first such deal with an Arab nation.

Following President Yoon Suk Yeol's summit with UAE President Mohamed bin Zayed Al Nahyan during his state visit, Yoon's office assessed that through the CEPA the two sides have established an institutional base to reinforce an inclusive economic partnership.

During the meeting, the UAE reaffirmed its earlier commitment to invest 30 billion U.S. dollars into South Korean businesses.

The top office said the UAE's sovereign wealth funds, including Mubadala Investment Company, are reviewing investment opportunities worth over six billion dollars in the South Korean market.

The leaders also discussed ways to enhance cooperation in conventional and clean energy, the peaceful use of nuclear energy, the economy and trade, as well as defense and defense technology.

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