The UAE and South Korea’s diplomatic relationship stretches back to 1980, and it’s only getting stronger. “This year marks the 35th anniversary of the diplomatic relationship between the two countries,” Kwon Hae-ryong, Ambassador of the Republic of Korea to the UAE, tells GN Focus. “Since then, the relationship has developed tremendously and evolved into a strategic partnership.
“In addition to trade, investment, energy and construction where bilateral cooperation is already very dynamic, we have begun working together in such new areas as defence, health care, education, culture, IT and many more.”
He says reciprocal visits by the leaders of both countries have brought the relationship to an apex. His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, visited South Korea in February 2014, and President Park Geun-hye has visited the UAE twice.
Last year, bilateral trade reached $23.4 billion (Dh85.91 billion), according to embassy data. Korea exported goods worth $7.2 billion, including cars ($860 million), wireless communications devices ($530 million), imaging devices ($470 million), car parts ($410 million), and air conditioners and heaters ($360 million). The nation’s imports from the UAE came to $16.2 billion, with the main goods being crude oil ($11.6 billion), petroleum goods ($2.55 billion), LPG ($1.04 billion) and aluminium ($340 million). However, the weaker oil price could see trade fall to $16 billion this year.
That said, the partnership between the two countries continues to develop. “The best example of mutual cooperation between the UAE and Korea would be the Barakah nuclear power plant project,” says Kwon. “The Korean Electric Power Corporation and Korean companies, working together with the Emirates Nuclear Energy Corporation and other authorities in the UAE, are doing their best to build the world’s safest and best nuclear power plant. Korea takes great pride in contributing to the UAE’s efforts towards energy diversification and related industry development.”
The ambassador says noticeable progress has also been made in the petroleum sector. The two countries have been developing three oil fields in Abu Dhabi since 2012, and the UAE has been storing its crude oil in a storage facility in Korea since 2013. Furthermore, GS Energy of Korea signed a 40-year deal with Abu Dhabi National Oil Company earlier this year for a 3 per cent stake in an onshore oil concession.
These partnerships are leading to an influx of Koreans into the UAE. The country is home to about 14,000 Koreans, and according to the embassy there are about 600 Emiratis living in Korea, including a number of students.
Interest in Korea is growing steadily in the emirates, driven by cultural interaction and the juggernaut that is K-pop. The Korean Cultural Centre is expected to open in Abu Dhabi by the end of the year, while last month’s Korea Festival 2015 at the National Theatre in Abu Dhabi was as popular as in the past. The embassy also organises a football tournament every November.
Tourism is booming between the countries, with about 70,000 Koreans visiting the UAE every year, while the embassy issued more than 10,000 visas to Korea last year.
“Our relationship based on mutual benefits and strategic partnership will be further strengthened through people-to-people and cultural exchanges,” says Kwon. “I firmly believe this mutual confidence and friendship are the strength, hallmarks and core features of our relationship.”
