UAE president on state visit to S Korea, meets top business chiefs

UAE president on state visit to S Korea, meets top business chiefs
The UAE's president met with top business officials in South Korea after the Gulf state announced plans to invest billions of dollars in the Asian country.
2 min read
South Korean President Yoon Suk Yeol visited the UAE last year [Getty]

The president of the United Arab Emirates on Tuesday met leaders of some of South Korea's biggest conglomerates after the UAE last year announced plans to invest $30 billion in the country.

President Sheikh Mohamed bin Zayed Al Nahyan is the first sitting UAE president to make a state visit to Asia's fourth-largest economy.

During Seoul's President Yoon Suk Yeol's visit to the country last year, the UAE said it would invest $30 billion in South Korea.

Follow-up announcements to the investment plan, which is expected to cover arms and energy, are expected to be made during the two-day visit which includes a summit with Yoon.

The Emirati president met leaders of South Korea's largest companies upon his arrival, most notable the chairmen of Samsung Electronics, SK Group and Hyundai Motor Group.

Bang Si-hyuk, chairman of HYBE and the mastermind behind K-pop sensation BTS, as well as Kim Taek-jin, CEO of leading gaming firm NCSoft, also attended the meeting at a hotel in central Seoul.

"We are looking for ways to increase our cooperation in the shipbuilding sector, including commercial vessels and warships,... and the environmentally friendly energy sector," Chung Ki-sun, CEO of HD Hyundai, a shipbuilding conglomerate, told reporters before the meeting.

South Korea's presidential office last week said the two countries' leaders will discuss way to enhance cooperation in traditional and clean energy, economy and investment, "peaceful" nuclear energy and defence.