Samsung Electronics Executive Chairman Lee Jae-yong leaves the Lotte Hotel Seoul, Tuesday, after his closed-door meeting with United Arab Emirates President Mohamed bin Zayed Al Nahyan. Yonhap
The heads of Korea's major business groups, including Samsung, SK and Hyundai Motor, met with the United Arab Emirates (UAE) President Mohamed bin Zayed Al Nahyan to elevate their business partnerships in energy, defense and other key industries with the country, Tuesday.
The high-profile meeting came on the sidelines of the UAE president's two-day state visit to Korea. The leaders of other conglomerates – such as Hanwha and CJ – also joined the meeting to boost their business ties.
His visit to Seoul was a reciprocal gesture following President Yoon Suk Yeol's state visit to the Middle Eastern country in January 2023. During Yoon's visit, his UAE counterpart surprised the business community by announcing plans for a substantial investment of $30 billion (40.76 trillion won) in Korean firms. At that time, Yoon was accompanied by a business delegation comprising Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and Hyundai Motor Group Executive Chair Chung Euisun.
Industry officials say that during the closed-door meeting with business tycoons in Korea, the UAE leader explored strategies to enhance business connections in Korea's cutting-edge technology sectors, particularly semiconductors, as well as in energy domains. However, specific details of the discussions have not been disclosed.
HD Hyundai Vice Chairman Chung Ki-sun expressed optimism about exploring further opportunities with the UAE, particularly in shipbuilding, construction machinery, and eco-friendly energy sectors.
“We are constantly looking for more ways to collaborate with the UAE in those areas, so I will explain our major upsides (during the meeting with the UAE president),” he told reporters before joining the meeting.
HD Hyundai Vice Chairman Chung Ki-sun, center, responds to questions from reporters while leaving the Lotte Hotel Seoul following a meeting with United Arab Emirates President Mohammed bin Zayed Al Nahyan, Tuesday. Yonhap
Other top executives from major conglomerates echoed similar sentiments. CJ Group Chairman Lee Jay-hyun expressed his intention to engage in discussions regarding bilateral economic and cultural exchanges with the UAE.
Defense industry players – such as Hanwha and LIG Nex1 – are also widely expected to become key beneficiaries of the latest meeting amid lingering geopolitical uncertainties in the Middle East.
On the same day, the Korea Chamber of Commerce and Industry (KCCI) hosted a business investment forum with the UAE, where both parties committed to strengthening partnerships in eco-friendly energy and information and communication technology (ICT) sectors between the two countries.
A group of 200 government officials and ranking businesspeople from both sides exchanged ideas on how to step up their ties in clean energy and telecommunication technologies, thereby leveling up their manufacturing and logistics synergies, according to the KCCI.
Participants included Korea's Trade Minister Cheong In-kyo and KCCI Executive Vice Chairman Park Il-joon. Minister of State for Foreign Trade of the UAE Thani bin Ahmed Al Zeyoudi also attended the event.
“The UAE is the only country in the Middle East that maintains a special strategic relationship with Korea,” Lee Seung-ryun, head of the economic collaboration division at the KCCI, said. “Both countries will be able to elevate their bilateral collaboration through the latest momentum created during the forum.”