UAE INVESTMENT FORMALIZED IN STATEMENT

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The United Arab Emirates and South Korea adopted a joint statement containing the UAE's commitment to invest 30 billion dollars in South Korea. President Yoon said he's looking forward to the synergy UAE's investment and South Korea's advanced industrial abilities will create. After heading to Switzerland, Yoon will attend the World Economic Forum Annual Meeting 2023 at Davos and continue his 'economic diplomacy'.

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President Yoon Suk Yeol and his United Arab Emirates counterpart have announced a joint statement. It contains the details of a bilateral cooperation agreement, based on the recent summit between the two leaders. In particular, the statement specifies UAE President Mohamed bin Zayed Al Nahyan's promise to invest in 30 billion U.S. dollars in South Korea. The presidential office in Seoul says the investment clearly demonstrates the UAE's solid trust in the South Korean economy.

[Soundbite] Yoon Suk Yeol(President) : "I expect that the UAE’s investment and S. Korea’s advanced industrial abilities will create synergy and bring about a great deal of outcomes in the global market."

The top office added, 24 investment memorandums of understanding worth at least 6.1 billion dollars were signed at a business forum, which was attended by President Yoon. It reflects only a portion of the total 48 business deals clinched during President Yoon's visit to the UAE.

[Soundbite] Lee Kwan-seop(Senior Pres. Secretary for State Affairs Planning) : "We have made the first step for a new Middle East boom to break through the economic crisis by promoting exports and developing new overseas market."

After wrapping up his schedule in Dubai on Tuesday, Yoon will fly to Switzerland and attend the World Economic Forum Annual Meeting 2023 at Davos. Earlier on his diplomatic trip largely focused on the economy, he also visited the Akh Unit, a South Korean military unit stationed in the United Arab Emirates.

[Soundbite] Yoon Suk Yeol(President (Jan. 15, local time)) : "A brother country’s security is as critical as ours. Iran is the enemy and the largest threat to the UAE."

The opposition bloc criticized Yoon, asking him if he regards Iran, which established diplomatic relations with South Korea six decades ago, as a threat. In response, the presidential office explained Yoon's remarks had nothing to do with Seoul-Tehran ties and it was just meant to boost the morale of the stationed South Korean forces.