South Korea secures $30 billion UAE funding and vows to assist shore up provide chains at WEF

Hong Kong/Seoul

South Korea’s chief is capping off a whirlwind week, after securing tens of billions of {dollars} in funding from the Center East and vowing to have his nation play a extra vital function in revitalizing worldwide provide chains.

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

The information got here after the leaders of the 2 nations held talks in Abu Dhabi on Sunday, in a landmark journey that marked the first-ever state go to to the UAE by a South Korean president, in line with an announcement from Yoon’s workplace.

The funding goals to extend cooperation within the fields of nuclear, hydrogen and photo voltaic vitality, in addition to protection, together with an settlement to kind a “special strategic partnership” on the highest degree, the assertion mentioned.

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

(HYMTF) and SK Group. In complete, representatives from roughly 100 South Korean corporations traveled with the president, in line with his workplace.

In the course of the four-day go to, two dozen agreements price $6.1 billion overlaying nuclear energy, protection and inexperienced vitality had been signed by companies from the 2 sides, in line with the South Korean authorities.

Some South Korean corporations additionally agreed to construct farms for tomatoes and strawberries within the UAE, a rustic that depends closely on imports of agricultural merchandise.

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

“The most urgent task of our time is to strengthen the supply chain’s resilience based on reciprocal solidarity,” he mentioned in a speech Thursday, noting latest disruptions within the provides of meals, vitality, pc chips, vaccines and prescribed drugs throughout the globe.

“The pandemic, geopolitical conflicts, the rivalry for technological hegemony, and the weakening multilateral trade system have led to the fragmentation of the global supply chain, causing it to reshape,” Yoon continued, including that the struggle in Ukraine had exacerbated the scenario.

The president mentioned the problem had led to a “trend of bloc-forming among countries,” with worldwide cooperation “increasingly regarded as a package deal.”

“Building up walls and intensifying protectionism cannot be the right answer,” Yoon added.

Going ahead, South Korea “will be a key partner in the global supply chain,” utilizing its experience in sectors reminiscent of semiconductors and steel-making to assist stabilize provide chains, he pledged. “We will align and cooperate with mutually trusted countries.”