[1/5] Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023.
Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERSSEOUL, Jan 15 (Reuters) - The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation.
The investment decision was announced as South Korea's President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said.
"We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances," Yoon's office quoted the UAE president as saying.
Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.