UAE, S Korea sign economic cooperation pact

Reuters | 27 December 2009

UAE, S Korea sign economic cooperation pact

South Korea said on Sunday it had signed an enhanced economic cooperation agreement with the UAE as the two get set to mark their 30-year relationship anniversary next year.

The two countries also signed a memorandum of understanding (MOU) to cooperate in nuclear power and renewable energy sectors, a statement from the South Korean presidential Blue House said.

The agreements come as South Korean President Lee Myung-bak is currently visiting the UAE and a South Korean consortium won a $20bn deal from the UAE to build four nuclear reactors.

"To celebrating the 30-year relation anniversary, both countries have made efforts to expand the bilateral cooperation to overall economic areas and establish (a) long-term, companion cooperating relationship," the statement said.

"They both agreed to build cooperating systems to make actual tie-ups in (areas of co-interest), and made an agreement on nuclear power, renewable energies and other major cooperating areas."

The UAE, the world’s third-largest oil exporter, plans to build a number of nuclear reactors to meet an expected need for an additional 40,000 megawatts of power, while the consortium from South Korea, the world’s fifth-largest oil importer, will build four nuclear reactors in the UAE to be jointly run. (Reuters)