Below is the full text of the joint statement:
“At the invitation of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the Republic of Korea (ROK), the Republic of Korea (ROK) will pay a state visit to the Republic of Korea (ROK) from 28-29 May 2024.
On 29 May, His Highness Yoon Seok-yol and His Highness Sheikh Mohamed bin Zayed Al Nahyan held a summit meeting at the Presidential Palace. During the summit, the two leaders agreed to deepen and further develop the special strategic partnership between the two countries.
The Leaders expressed their unwavering determination to strengthen strategic cooperation in priority areas, including economy and investment, conventional and clean energy, peaceful nuclear energy, defence and defence technology and cyber security, as well as areas of common interest such as infrastructure, high-tech industry, space, water technology.
information and communications technology, small and medium-sized enterprises and start-ups, agriculture, shipping, civil aviation, education, culture and healthcare. The two leaders also explored possibilities for tripartite cooperation with other partners and exchanged views on extremism.
The two leaders also witnessed the signing of several agreements and memorandums of understanding for cooperation in areas such as economy, investment, conventional energy, clean energy, peaceful nuclear energy, infrastructure and culture.
I. Strengthening cooperation in key areas
- Economy and Investment
The two leaders recognized the strong and historic economic and investment ties between the two countries and noted that non-oil bilateral trade will reach US$5.29 billion in 2023. They lauded the formal signing of the Comprehensive Economic Partnership Agreement (CEPA), which will promote long-term sustainable growth through trade, investment and economic diversification between the two countries. Noting the genuine complementarities between the two economies, the two leaders looked forward to the creation of preferential conditions in trade and investment, reflecting the strengthening economic ties that have developed between the two countries in recent decades.
Recognizing the mutual benefits and significant growth opportunities that CEPA brings to the UAE and Korea, the two leaders stressed their determination to expand mutual investments in their economies and other key regions, focusing on key areas such as infrastructure, high-tech and emerging industries, space, information and communications and technology, SMEs and start-ups, agriculture and maritime. They affirmed that the UAE-Korea CEPA will strengthen East-West supply chains, promote mutual foreign direct investment, and enhance joint research and knowledge exchange in a wide range of sectors, including energy, advanced manufacturing, technology, food security and healthcare.
The two leaders committed to strengthening cooperation in protecting intellectual property rights (IPR) in both countries. Recognizing the importance of sustainable development and the implementation of evidence-based strategies, the two leaders reiterated that the two countries will cooperate in sharing the latest statistical methods, including the use of administrative data and big data, as well as in building a statistical portal to support business activities.
Furthermore, the two leaders shared the view that they hope to deepen cooperation in the field of tourism by utilizing the unique cultural heritage and cutting-edge technology of both countries to create enriching experiences for visitors. Through these joint efforts, the two leaders expressed their desire to build a dynamic partnership that will lead their economies towards a more innovative and inclusive future.
The two leaders agreed to build a strong foundation for close economic relations between the UAE and the Republic of Korea. They acknowledged that significant progress has been made in these relations in areas such as transformative technologies, medical equipment and hydrogen infrastructure following the visit of the President of the Republic of Korea to the UAE in January 2023.
Regarding civil aviation, the two leaders noted that the agreement to increase flight capacity in October 2023 is an important step forward in expanding cooperation in the aviation sector, and shared the view that improved air connectivity will contribute to this in order to boost exchanges and the movement of people and goods between the Republic of Korea and the UAE.
