South Korean President Moon Jae-in concludes two-day UAE visit
South Korean President Moon Jae-In concludes a two-day visit to the United Arab Emirates today.
South Korea and the United Arab Emirates made significant efforts to bolster energy collaboration in 2021, including signing an agreement for cooperation on the hydrogen economy in March and holding working-level talks on atomic energy cooperation in September. In December, Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) announced a $3.6 billion deal to power and decarbonize Adnoc’s offshore productions via a groundbreaking high-voltage, direct current subsea transmission system funded in part by a consortium led by Korea Electric Power Corporation. Both states rely on existing oil and gas trade and have a deep interest in diversifying energy sources as oil reserves dwindle.
In 2022, we can expect to see continued partnership between the UAE and South Korea on issues including infrastructure projects and climate change initiatives. Especially salient will be sustained joint efforts to achieve carbon neutrality. Successful collaboration on energy projects has also provided the foundation for a broader Korean-Emirati strategic relationship. Bilateral relations will likely expand to include a free trade agreement and sales of South Korean weapons to the UAE, creating a valuable partnership for both states and greater independence from great powers.
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