Korea and the United Arab Emirates (UAE) agreed to pursue more than $65 billion (about 93 trillion won) in cooperative projects in investment areas such as the defense industry and artificial intelligence (AI), Kang Hoon-sik, presidential chief of staff, said on the 26th. The amount combines at least $35 billion in the defense sector and $30 billion in investment cooperation. The specific investment plan will be made public in May after a summit between the two countries.
Kang Hoon-sik, who returned after visiting the UAE as a special envoy for strategic economic cooperation for President Lee Jae-myung, met with reporters at Incheon International Airport on the day and said, "The biggest outcome of this envoy visit is that we finalized cooperation projects worth more than $35 billion in the defense sector."
Kang said, "The two countries signed a 'defense industry cooperation framework MOU' that contains the principle of cooperating across the entire life cycle of the defense industry—from design to training and maintenance—moving beyond a relationship of simply buying and selling weapons."
They also decided to revamp the $30 billion investment cooperation. With strategic cooperation areas set in defense, AI, nuclear power, and culture, the work will coordinate detailed items related to cooperation. In particular, in the nuclear power sector, they agreed to expand cooperation in all areas based on the experience accumulated through the Barakah nuclear power plant, including ▲ nuclear fuel supply projects ▲ projects to strengthen nuclear plant maintenance capabilities ▲ projects to apply AI technology to nuclear plant operations.
Kang said, "Noting that the global nuclear power market is expanding due to increased power demand from AI and other factors, we will promptly begin concrete consultations to establish a joint-entry execution strategy," adding, "At a future Korea-UAE summit, we agreed to adopt a 'joint-entry strategy roadmap.'"
The two countries plan to announce specific details related to investment around May. Kang said, "There are several projects that need to proceed, so how the $30 billion will be used will be conveyed on the occasion of a future summit," adding, "You can see it as having reached agreement on the amount, direction, and timing."
◇ Delivered Lee's personal letter to President Mohammed, "Dubai jjondeuk cookie" for Khaldoon
During this UAE visit, Kang paid a courtesy call on UAE President Mohamed bin Zayed Al Nahyan and delivered President Lee's personal letter inviting President Mohammed to visit Korea. In particular, he presented a Dubai jjondeuk cookie to Khaldoon Khalifa Al Mubarak, known as the UAE's "power broker" and No. 2 figure. Having been invited by Administrator Khaldoon to "iftar" (the evening meal of Ramadan when family and neighbors share food), Kang prepared Dubai jjondeuk cookies and traditional Korean confections as return gifts and served them.
He said, "I heard it is customary for guests invited to an iftar to bring a sweet dessert, so I prepared ambitiously," adding, "Although 'Dubai' is in the name, (the Dubai jjondeuk cookie) is clearly a 'K-dessert.'" He continued, "It is also called 'Korea jjondeuk cookie' locally in the UAE and had already become a hot topic, so it was well worth giving as a gift."