Yoon wraps up UAE, Switzerland trip with fruitful economic outcomes

The Korea Times

The Korea Times

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Sun, October 1, 2023 | 21:22

Foreign Affairs

Yoon wraps up UAE, Switzerland trip with fruitful economic outcomes

Posted : 2023-01-20 11:12

Updated : 2023-01-20 19:43

President Yoon Suk Yeol and first lady Kim Keon Hee wave goodbye at an airport in Zurich, Switzerland, Friday (local time) before departing home. (Yonhap)

By Nam Hyun-woo

ZURICH ― President Yoon Suk Yeol has wrapped up his eight-day trip to the United Arab Emirates (UAE) and Switzerland and successfully secured fruitful economic achievements based on his summit diplomacy.

He had a conversation with quantum science experts in Zurich on Thursday (local time), at the close of his trip. He will arrive in Seoul on Saturday.

The trip was highlighted by a handful of investment promises, MOUs and contracts that were made or signed in connection with meetings Yoon attended.

"Having the economy as the top priority in his summit diplomacy, Yoon has pulled off one the greatest outcomes in the history of Korean presidential trips," senior presidential secretary for policy planning Lee Kwan-sup said in a press briefing, Thursday.

During his state visit to the UAE, the Middle Eastern country's President Sheikh Mohamed bin Zayed Al Nahyan promised to make a $300 billion (369 billion won) investment into Korean companies and put this into a joint declaration between him and Yoon.

Also, the presidents agreed to cooperate for additional nuclear projects in either the UAE or third countries, with the U.K. being anticipated as one of the likely locations.

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"Including the $300 billion investment, 48 memoranda of understanding were signed in the UAE," Lee said. "In a business forum attended by over 320 businessmen from both countries, MOUs and contracts worth more than $6.1 billion were inked, and the two countries agreed to expand their partnerships from conventional fields to hydrogen, biotech, smart farms and other new growth industries."

Senior presidential secretary for policy planning Lee Kwan-sup speaks during a press briefing at a hotel in Zurich, Switzerland, Thursday (local time). Yonhap

In Switzerland, Yoon delivered a special address at the World Economic Forum in Davos and took steps to attract global companies' investments into Korea.

"On the occasion of Yoon's visit to Switzerland, Denmark's Vestas, the world's leading wind turbine maker, announced a $300 million investment into Korea and decided to relocate its Asia Pacific headquarters to Korea," Lee said. "It will be an important opportunity for Korea to become a manufacturing hub of wind power facilities."

Also, Korea's Industry Minister Lee Chang-yang met top executives of Germany's Merck Life Science and Switzerland-based Novartis in Switzerland and discussed their potential investment in Korea worth $500 million combined.

"As the government and the private sector became a single team and achieved desirable results such as export contracts, MOUs and investments, the government will closely follow up on the progress of subsequent talks to have the outcomes of this trip result in practical achievements," the senior presidential secretary said.

In Switzerland, President Yoon delivered a special address at the World Economic Forum in Davos and pledged Korea's greater role in addressing global challenges through solidarity and cooperation.

"Through his special address, Yoon stressed the importance of solidarity to overcome the global economic crisis and expand citizens' freedom," Director of National Security Kim Sung-han said.

"He also promised Korea's presence in the world's efforts to strengthen global supply chain resilience, make clean energy transition, bridge the gap between countries' capabilities in countering health threats and setting up a digital order."

On the sidelines of the World Economic Forum, Yoon had a luncheon with CEOs of global companies, asking for their greater interest in partnering with and investing in Korean companies. During a Korea Night reception, the president promoted Busan's bid to hold the World Expo 2030, proposing Korea's "Busan Initiative" to solve various problems that the world is facing.

namhw@koreatimes.co.kr