Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-UAE Business Forum with President Yoon Suk-yeol on January 16 at the Rixos Marina Abu Dhabi, on the occasion of which 23 MOUs and one agreement were signed in areas like bio, digital transition and metaverse.

In energy, six MOUs were signed in areas like joint production in hydrogen and ammonia. Eight MOUs were signed in emerging industry sectors, including ICT (information and communications technology), digital transition and metaverse.

Three MOUs and one agreement were signed for collaboration in the defense industry, and three MOUs were signed in smart farming.

Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), K-SURE and N15 Partners inked a total of four MOUs with UAE organizations and companies to support companies’ economic and business activities.

Business consultation sessions were also held at the same venue, with 36 Korean companies and 105 UAE buyers participating for possible synergy.

Companies and buyers of both countries engaged in a total of 257 consultation sessions and landed USD 11 million worth of business deals in various sectors, namely nuclear power plants and electricity, plants and infrastructure, smart city, culture and tourism, defense and security, smart farming and premium materials.