Energy ties in focus as South Korean leader visits UAE

DUBAI: Energy and nuclear power are set to be central to talks between South Korean President Moon Jae-in and UAE officials this week, as the leader said he is looking to push the partnership between the nations “to new heights.”

Moon arrived in Abu Dhabi on Saturday, where he was greeted by UAE Energy Minister Suhail Al-Mazrouei.

Responding in writing to questions posed by the UAE’s state-run WAM news agency, Moon said the visit would “boost friendship and cooperation between Korea and the UAE amidst volatile international situations.”

Energy forms one of the key areas of cooperation, and South Korea is building the Barakah nuclear power plant in Abu Dhabi, which is both the Arabian Gulf’s first such facility and Seoul’s first attempt to build an atomic reactor abroad.

The first of Barakah’s reactors is scheduled to come online this year.

Moon told WAM that nuclear power cooperation was “first and foremost” among the sectors in which he expects to strike up stronger cooperation during his visit.

“The Barakah nuclear power plant is not simply a mega-construction project worth $18.6 billion. For Korea, it is our first time to construct a nuclear power plant on foreign soil. For the UAE, it is meaningful in that the country will possess the first nuclear power plant in the Arab world,” wrote Moon.

“I intend to make a stop at the construction site of the Barakah nuclear power plant during my visit to the UAE to see for myself the fruition of bilateral cooperation and the potential for expanding collaboration in the nuclear power sector.”

Moon also said that he sees opportunity for cooperation in areas such as health care, science and technology.

The visit marks Moon’s first to the Middle East since his inauguration as president last year.

During the trip, the Abu Dhabi Fund for Development (ADFD) on Sunday signed a cooperation agreement with the Export–Import Bank of Korea, KEXIM, to assist in setting up the framework of the UAE’s National Export Programme, according to WAM.

“The National Export Programme will help to bridge the financial gap and facilitate robust export opportunities for national companies. With existing economic relations with relevant entities in 88 countries, ADFD will now also play a key role in enabling UAE companies to penetrate, compete and flourish in international markets,” said Mohammed Saif Al-Suwaidi, director-general of ADFD.

Phase one of works on the National Export Programme commenced in July 2017 with ADFD appointing the Korea Development Institute (KDI), a Korean think tank, as an expert consultant to run a feasibility study investigating the need for a UAE-based export program.