SOUTH KOREA: Pres. Yoon To Host UAE Leader For 1st State Visit 28-29 May

Sheikh Mohammed bin Zayed Al Nahyan will make the first state visit by a leader of the United Arab Emirates to South Korea from 28-29 May. The trip reciprocates that made by President Yoon Suk-yeol to the UAE in January 2023, with Yoon's office saying the two leaders would 'discuss ways to strengthen cooperation between the two countries in various fields, including economic investment, energy and the defense industry'. The visit comes months after the two countries signed off on a bilateral comprehensive economic partnership agreement (CEPA) in October 2023, which was further boosted by South Korea entering into an FTA with the wider Gulf Cooperation Council (GCC) in Dec 2023. 

• The Korea Economic Daily reports that "The United Arab Emirates is set to invest a maximum of $1 billion in South Korean startups via a joint venture, as a part of its mid- to long-term plan to spread $30 billion across strategic sectors including nuclear power, defense and clean energy". 
• The involvement in South Korea's defence sector could come in the form of interest in becoming a member of the KAI KF-21 Boramae fighter jet development programme. The Financial News reported in September 2023 that the UAE could even look to pay for Indonesia's as-yet-unpaid share of the project totalling KRW990bn (USD475mn). 
• As Forbes notes, "Abu Dhabi would undoubtedly be interested in co-producing the fighter since it would help further develop its domestic defense industry through substantive technology transfers, which Seoul has repeatedly proven generous with providing its clients."