President Park Geun-hye met with Abu Dhabi's crown prince, Sheikh Mohammed bin Zayed Al-Nahyan, on Thursday in the United Arab Emirates, her third destination of four in the Middle East.
At the summit, President Park and the crown prince observed the signing of six Memoranda of Understanding to upgrade bilateral relations, especially in the nuclear power sector.
Under the agreement, Korea and the U.A.E. will work together to seek opportunities to enter emerging global markets by combining South Korean nuclear reactor technology with the U.A.E.’s funding power.
The two countries have collaborated on several high-profile deals in recent years, most notably to construct the Arab world’s first nuclear reactors in Abu Dhabi. The project, worth US$20.4 billion, marked South Korea’s first export of nuclear reactors. Last year, a Korean-built nuclear reactor was installed at a power plant in Barakah some 300 kilometers west of Abu Dhabi. By the agreement between the two countries in 2009, Korean companies are building four nuclear reactors here.
The Korean Ministry of Trade, Industry, and Energy expects that the MOU will enhance the comparativeness of Korean nuclear plant companies thanks to the capital strength of the U.A.E.
According to the newly-signed MOU, the two countries will cooperate in the field of fund supply, construction technology, and labor supply for venturing into the international market.
An official for the ministry said, “The nuclear power plant market in this world has been driven by some powerful countries to control order competition. It has been difficult for Korean companies to compete with their vested right. With this MOU with the UAE we may meet enlarged opportunities to win more contracts.”