President Sheikh Mohamed will hold talks with President Lee Jae Myung of South Korea on Monday as the UAE looks to bolster ties with the east Asian nation.
Discussions will cover various issues, with economic ties and regional diplomacy high on the agenda, state news agency Wam reported.
Ahead of Mr Lee’s first visit to the UAE, following his election as President in June, The National takes a look at some of the key talking points and what brings these two countries together.
Economic ties
The leaders will look for ways to advance the special strategic relationship and Comprehensive Economic Partnership Agreement (Cepa) between the UAE and South Korea when they meet in Abu Dhabi.
The Cepa was signed in May last year, as Sheikh Mohamed visited Seoul. It is expected to contribute 1.17 per cent to the UAE’s gross domestic product by 2032 and 2.37 per cent to South Korea’s GDP during the same period.
Non-oil bilateral trade between the UAE and South Korea reached $5.3 billion in 2023. What’s more, the Emirates is currently South Korea’s second-largest trade partner in the Arab World, accounting for 20 per cent of trade with the region.
South Korea's annual investments in the UAE rose to $2.2 billion while the UAE's investments in Korea stood at $578 million by the end of 2022.
The depth of this relationship is perhaps best illustrated by South Korea’s partnership in the financing and development of Abu Dhabi’s Barakah nuclear power plant. All four units of the $20 billion plant were built by the Korea Electric Power Corporation in a consortium that featured Hyundai, Samsung, Korea Hydro and Nuclear Power, and Doosan Heavy Industries and Construction.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met Mr Lee during the Asia-Pacific Economic Co-operation forum last month.
During that meeting in Gyeongju they spoke about the robust co-operation between the UAE and South Korea, while reviewing prospects for developing ties, Wam reported at the time.
Space exploration
Another field of close co-operation is in the development of high-tech satellites.
Etihad-Sat was built through a partnership between the Mohammed bin Rashid Space Centre (MBRSC) and South Korea’s Satrec Initiative, a satellite manufacturing company that has its headquarters in the city of Daejeon.
It was launched in March as Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Deputy Prime Minister, said the development highlighted the nation's soaring ambitions in space exploration.
Work on the satellite began two years ago as part of a knowledge transfer programme in collaboration with Satrec Initiative.
The satellite offers three imaging modes, one for high-resolution imaging for small areas, another providing wide-area coverage for large regions and an extended observation mode for longer regions.
Who is Lee Jae Myung?
Mr Lee faced an unenviable task in reuniting a divided nation upon his election victory earlier this year, not least given he faced an assassination attempt in January 2024.
He was stabbed in the neck while leader of the opposition. He recovered and won a clear victory in the presidential election in June, as his Democratic Party secured 49.4 per cent of the vote.
Mr Lee, a liberal former provincial governor, is known for his outspoken style.
