South Korea secures $30 billion in UAE investments and pledges to help strengthen supply chains at WEF

Hong Kong/Seoul

South Korea’s chief caps a turbulent week after securing tens of billions of {dollars} in funding from the Center East and vowing his nation ought to play a extra distinguished function in revitalizing worldwide provide chains.

On Monday, South Korean President Yoon Suk Yeol introduced that the United Arab Emirates has pledged $30 billion in investments within the Asian nation.

The information got here after the leaders of the 2 nations held talks in Abu Dhabi on Sunday as a part of a landmark journey that it mentioned marked the primary state go to by a South Korean president to the UAE an evidence from Yoon’s workplace.

The funding goals to extend cooperation in nuclear, hydrogen and photo voltaic power, and protection, together with an settlement to kind a “particular strategic partnership” on the highest degree, the assertion mentioned.

Yoon was joined within the area by a delegation of Korean tycoons, together with Samsung’s billionaire leaders Hyundai Motors

and SK group. Based on his workplace, representatives from round 100 South Korean corporations traveled with the president.

South Korean President Yoon Suk Yeol (right) shakes hands with Qualcomm CEO Christiano Amon (left) in Davos on January 18.  Samsung Electronics Chairman Lee Jae-yong and SK Chairman Chey Tae-won are seen in the background.

In the course of the four-day go to, two dozen offers value $6.1 billion had been struck within the areas of nuclear energy, protection and inexperienced power signed by corporations from each side, in response to the South Korean authorities.

Some South Korean corporations additionally agreed to construct tomato and strawberry farms within the United Arab Emirates, a rustic that relies upon closely on it on imports of agricultural merchandise.

The spate of offers got here simply days earlier than Yoon addressed the difficulty World Financial Discussion board in Davos, Switzerland, the place he spoke in regards to the significance of repairing international provide chains.

“Probably the most pressing job of our time is to strengthen the resilience of the availability chain based mostly on mutual solidarity,” he mentioned in a speech Thursday, take word current disruptions within the international provide of meals, power, pc chips, vaccines and medicines.

“The pandemic, geopolitical conflicts, rivalry for technological hegemony and the flagging multilateral buying and selling system have fragmented the worldwide provide chain and led to a reconfiguration,” Yoon continued, including that the struggle in Ukraine has exacerbated the scenario.

The President mentioned the difficulty has led to a “development of bloc formation between nations” with worldwide cooperation “more and more seen as a package deal deal”.

“Constructing partitions and stepping up protectionism can’t be the precise reply,” Yoon added.

Going ahead, South Korea will “be an essential companion within the international provide chain,” utilizing its experience in sectors like semiconductor and metal manufacturing to assist stabilize provide chains, he promised. “We are going to align with and work with mutually trusted nations.”