UAE and South Korea explore expanded cooperation in energy, advanced technology

The United Arab Emirates and the Republic of Korea are set to deepen their strategic partnership, with a focus on energy, industrial development, and advanced technologies, following high-level discussions held in Seoul on Wednesday.

The meetings aimed to identify new avenues for collaboration and strengthen bilateral trade and investment ties across key sectors.

Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director & Group CEO, led the UAE delegation, which included Ambassador Abdulla Saif Al Nuaimi and Undersecretary Hasan Jasem Nasser Al Nowais.

During the visit, Dr. Al Jaber met with senior Korean officials, including Foreign Minister Cho Hyun, Minister of Climate, Energy & Environment Kim Sung-hwan, and Minister of Trade, Industry and Resources Kim Jung-Kwan.

Discussions focused on energy security, industrial growth, clean energy, low-carbon technologies, advanced industries, and resilient supply chains, with an emphasis on sustainable development and mutually beneficial economic cooperation.

The delegation also held meetings with top executives from major Korean companies and government-linked entities, including K-SURE, GS Energy, GS Caltex, SK E&S, SK TI, and Hanwha Group. The talks explored expanding collaboration across the energy value chain, including crude oil storage and sales, gas and LNG, hydrogen, and renewable energy, as well as new investment opportunities in both countries.

Bilateral trade between the UAE and South Korea reached approximately $22.9 billion in 2024, primarily driven by petroleum products, while non-oil trade totaled $6.6 billion - a 15 percent increase compared with 2023.

The UAE is Korea’s second-largest trading partner in the GCC, accounting for 32 percent of Korean exports to the region, while South Korea ranks as the UAE’s 28th largest global trading partner.

Non-oil trade between the two nations has grown by over 80 percent in the past five years, supported by a 48 percent increase in imports and a 35 percent recovery in exports post-COVID-19, despite a 25 percent decline in 2024 compared with 2023.