Business leaders from Korea and the United Arab Emirates (UAE) held a business roundtable on the 19th on the occasion of President Lee Jae-myung's state visit to the UAE and discussed ways to expand economic cooperation in artificial intelligence (AI), energy, and shipping. This follows the two countries' agreement at the summit the previous day to strengthen cooperation beyond defense industry, nuclear power plants, and construction into advanced industries. Participants agreed to build a cooperation framework in which the two countries achieve a "win-win" by greatly expanding the scope from AI to cultural cooperation in food, beauty, and content.
◇ AI and defense industry business leaders, heads of sovereign wealth funds also attended
President Lee and UAE Crown Prince Khalid bin Mohammed Al Nahyan held the Korea-UAE business roundtable at the Emirates Palace Hotel in Abu Dhabi that day. About 50 government and business figures from both countries attended. From Korea, host Ryu Jin, chairman of The Federation of Korean Industries, and Kang Kyung-sung, president of KOTRA, as well as Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, and Hanwha Group Vice Chairman Kim Dong-Kwan took part. From the UAE, Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Khaldoon Al Mubarak, CEO of the UAE sovereign wealth funds Mubadala, attended.
The two leaders cited Dubai's landmark "Burj Khalifa," the "UAE Barakah Nuclear Power Plant," Korea's first nuclear power export, and the "Cheongung II of the Ak Unit," calling them "achievements infused with the sweat and passion of Korean companies and symbols of bilateral cooperation." President Lee and Crown Prince Khalid met at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju last month to discuss strengthening cooperation. Crown Prince Khalid said, "I witnessed the wonderful creativity of Koreans," adding, "Paths are opening for both countries in AI and clean energy."
At the business roundtable, the agenda included ways to flesh out the "economic and industrial cooperation" agreed on at the summit between President Lee and UAE President Mohamed bin Zayed Al Nahyan the day before. The joint declaration previously agreed by the two countries specified Korea as a key partner for implementing the "UAE Centennial 2071" vision that the UAE government is preparing for its 100th founding anniversary. It aims for the UAE to establish itself as a leading global nation by 2071.
President Lee mentioned in turn advanced industries, defense and energy, and culture, saying, "I hope this event will serve as a meaningful opportunity for the UAE to play a central role in the global economic order and for Korea to create new growth opportunities through the three future partnerships." Ryu said, "The UAE, which dreams of becoming a global AI leader in the 2030s, and Korea, a powerhouse in AI semiconductors and practical technologies, will be optimal partners."
◇ Plans for UAE business by company shared
Korean companies are looking to use this visit to the UEA as a springboard to expand their entry into the local markets for AI, energy, defense, and cultural content. At the meeting, in connection with the "UAE Stargate Project," expected to be up to $100 billion in size, Samsung, Hyundai Motor, LG Electronics, and Naver reportedly shared business plans with the UAE side. In particular, GS Energy proposed an energy transition project using clean hydrogen and low-carbon ammonia to stabilize power supply. Korea Electric Power Corporation said it would cooperate with Emirates Nuclear Energy Corporation (ENEC) to pursue projects in next-generation power. CJ and Samyang Foods unveiled plans for cultural content businesses in the UAE.
In his keynote speech that day, President Lee drew attention by specifically mentioning cooperation on high-bandwidth memory (HBM) technology. Lee said, "Korea, equipped with semiconductor technologies such as HBM and engineering, procurement, and construction (EPC) capabilities, will be the most trusted partner for the UAE's leap to an AI hub by 2031." He added, "On the occasion of this visit, we will accelerate cooperation in advanced industries, including AI data centers and biotech," and said, "Through the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), which takes effect early next year, we will push forward related projects in earnest."
President Lee said, "Let's create future growth engines together through AI-centered advanced industry cooperation," and noted the possibility of Korean companies participating in the UAE's projects to expand AI and semiconductor infrastructure. This is in the same vein as what Lee said in an interview with a UAE media outlet the previous day, that "Korean companies will play a key role in the development of the UAE's AI ecosystem." Regarding clean energy and defense, Lee said, "Let's raise the level of cooperation through joint development, technology cooperation, and local production," and also proposed to greatly expand the scope of cooperation through "joint entry into third countries."