Pact will boost economic ties

Abu Dhabi: The UAE and South Korea on Sunday signed a Dh75 billion contract to design, build and help operate and maintain four civil nuclear power plants for the UAE, as part of the country's endeavour for a peaceful nuclear energy programme.

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan and visiting South Korean President Lee Myung-bak attended the signing ceremony.

A series of landmark bilateral cooperation agreements were also signed in the presence of Shaikh Sultan Bin Zayed Al Nahyan, the President's Representative, and General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The two presidents patronised a grand ceremony for striking the Dh75 billion contract between the Emirates Nuclear Energy Corporation (ENEC) and a consortium of South Korean and US companies, led by Korea Electric Power Corporation (Kepco).

The joint cooperation agreements were inked by the UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan and South Korea Minister of Knowledge Economy Choi Kyung-hwan.

The agreements cover a framework protocol to boost economic partnerships to further strengthen bilateral cooperation.

Under the agreement, the two countries will set up a higher committee and a number of sub-committees to facilitate cooperation in diverse fields such as peaceful nuclear energy, renewable energy, energy efficiency and sustainability, information technology and communications, semi-conductors, shipbuilding and human resources development.

Towards enforcing the framework agreement, the two sides also sealed three complementary agreements including a memorandum of understandingbetween Abu Dhabi Future Energy Company (Masdar) and Korean Ministry of Knowledge Economy for facilitating joint cooperation in renewable energy.

A multilateral agreement on education and human resources development was concluded between Khalifa University of Science, Technology and Research (Kustar) and the Institute of Applied Technology and Korea Advanced Institute of Science and Technology, Korea Electric Power Corporation, Human Resources Development Service of Korea (HRD) and Korea Development Institute.

The Abu Dhabi Systems and Information Centre and Korea Development Institute reached an agreement to exchange information and communications technology.

In a statement after the ceremony, Shaikh Khalifa said relations of friendship between the UAE and South Korea were progressing steadily and hoped these new agreements would make a qualitative leap in strengthening bonds between the two friendly countries.

"Our relationship with South Korea, which has seen sustained growth in recent years, has ushered into a new era of strategic partnership which will serve interest of the two countries,'' Shaikh Khalifa said.

Shaikh Khalifa hoped this visit would further bolster joint cooperation in various domains.

Grateful

For his part, the Korean head of state said he was grateful to the UAE for awarding the multi-billion contract to the consortium of Korean companies and for forging strategic partnership with his country.

Shaikh Abdullah said, "As negotiations between the UAE and South Korea on peaceful nuclear energy advanced, the two governments discovered the huge potential for joint cooperation in various fields. Choi Kyung-hwan expected the agreement to lay a solid foundation for expanding bilateral cooperation.

He hoped the said partnership would expand to include communications technology and renewable energy. Two-way trade exchange between the two countries in the last five years were doubled to Dh 92 billion in 2008.

With these new agreements, the trade exchange is projected to surge.

Bilateral talks

The President His Highness Shaikh Khalifa Bin Zayed Al Nahyan yesterday held talks with the President of South Korea, Lee Myung-bak. At the meeting, held at the Emirates Palace Hotel in the presence of Shaikh Sultan Bin Zayed Al Nahyan, the President's Representative and General Shaikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, Shaikh Khalifa welcomed his Korean counterpart and expressed the hope that the visit would contribute to enhancing relations of friendship and cooperation between the two countries.

Also present at the meeting were Shaikh Tahnoun Bin Mohammad Al Nahyan, Abu Dhabi Ruler's Representative in the Eastern Region, Shaikh Hazza Bin Zayed Al Nahyan, National Security Advisor, Lt. General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Interior Minister, Shaikh Ahmad Bin Zayed Al Nahyan, Chairman of the Board of Trustees of Zayed Foundation, Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Presidential Affairs Minister, Mohammad Abdul Wahid Al Maena, UAE Ambassador to South Korea, the South Korean Ambassador to the UAE, shaikhs, ministers and senior officials.