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President Lee Jae Myung, who’s on a state go to to the United Arab Emirates (UAE), secured $35 billion in investments from the UAE by the Korea-UAE summit on Nov. 18 (native time), together with $20 billion in synthetic intelligence (AI) and $15 billion within the protection business. The UAE’s funding throughout the complete spectrum of Okay-culture, together with Okay-pop and Okay-food, is ready to increase from its present market worth of $44.1 billion to $70.4 billion by 2030, a rise of $26.3 billion. In complete, this implies South Korea has attracted $61.3 billion in investments.
South Korea and the UAE additionally signed seven memoranda of understanding (MOUs) in superior industries, together with next-generation areas reminiscent of AI and house, biohealth, and mental property, in addition to nuclear energy. Notably, the protection sector, which was excluded from this spherical of MOUs, will probably be added by future negotiations, and the 2 nations agreed to make it the “start line of a brand new 100 years.”
President Lee held a summit with UAE President Mohammed bin Zayed Al Nahyan on the presidential palace in Abu Dhabi, the capital of the UAE, and reached these agreements. On nuclear energy, the 2 sides additionally determined to discover methods to collectively enter third-country markets by cooperation on next-generation nuclear applied sciences, together with small modular reactors (SMRs). President Lee stated, “For a 100-year alliance, complete cooperation is required in nationwide protection, the protection business, AI, nuclear energy, well being, and drugs,” and President Mohammed emphasised that “the realm during which we need to broaden our horizons, together with house and AI, is nationwide protection.”
Kang Hoon-sik, chief presidential secretary, stated at a briefing on the Abu Dhabi Media Middle that “the financial achievements created in protection, AI knowledge facilities, power, and Okay-culture are tough even to quantify,” including that “a joint expertise service focusing on the Center East, Africa, and Europe will probably be established.” By means of this MOU, South Korea has begun pursuing enterprise alternatives reminiscent of constructing AI knowledge facilities and establishing service hubs within the UAE. In an interview with native media, President Lee additionally stated, concerning the house sector, that the connection “will evolve into a sophisticated ‘joint participation stage,’ together with joint improvement and utilization of satellites and constructing floor infrastructure.”
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