Business Roundtable
The Ministry of Trade, Industry and Energy announced on March 16 that South Korea and the UAE had a business roundtable in the UAE and US$2 billion worth of a contract and MOUs were signed there.
Specifically, the contract pertains to national defense and the five MOUs are related to information and communications technology, smart farm development, etc. Four out of the five MOUs were signed based on South Korean entrepreneurs’ visit to the UAE in January this year.
At the meetings, 11 South Korean companies and 30 UAE companies sought business opportunities together, which led to multiple contracts in nuclear power plant construction, national defense, and so on.
The Abu Dhabi National Oil Company joined the meetings to share information on its blue ammonia production project and seek out ways for the two countries to cooperate in the project. State Minister Ahmed Ali Al-Sayegh also attended the meetings to discuss cooperation in the digital and biotech industries.