$30 billion.. South Korea is looking for deals with the UAE

South Korea's finance minister said today, Tuesday, that his country is seeking to remove potential obstacles to the huge investment which the United Arab Emirates pledged last month, to create “win” opportunities for both countries.

$30 billion investment project

Finance Minister Cho Kyung-ho saying during a meeting with ministers concerned with the economy in Seoul, he aims to clarifying the details of the $30 billion investment project announced by the UAE last month.

Last month, UAE decided to pump investments in various areas of strategic cooperation between the two countries, including nuclear energy, weapons, hydrogen and solar energy.

The minister add, In order to begin UAE investment immediately, we plan to discuss issues such as the opening of the local office of the UAE's sovereign wealth fund, as well as the establishment of a joint fund with the Korea Development Bank.

  Agreements and memorandums announced by the two countries:

- A memorandum of understanding in the field of hydrogen energy use in cities, its production, transmission and storage between the UAE Ministry of Energy and Infrastructure and the Korean Ministry of Land, Infrastructure and Transport.

- Memorandum on cooperation in the field of water resources between the Ministry of Energy and Infrastructure in the UAE and the Ministry of Environment in Korea.

- Understanding between the UAE Space Agency and the Ministry of Science and Information Technology and Communications regarding the amendment of a memorandum of understanding signed in January 2017 for cooperation in the field of space exploration and use for peaceful purposes.

- Memorandum of Understanding between Mubadala Investment Company and the Korea Development Bank regarding "Sovereign Investment Partnership".

- Memorandum on Strategic Cooperation of the Defense Industry.