SEJONG, March 6 (Yonhap) — South Korea and the United Arab Emirates (UAE) will join forces to make inroads into promising renewable energy markets, the government said Friday.
The deal came as South Korean President Park Geun-hye arrived in the UAE the same day as part of her nine-day, four-nation trip to the Middle East to strengthen ties with the region.
The Ministry of Trade, Industry and Energy said a memorandum of understanding (MOU) was inked in Abu Dhabi on Thursday that can harness South Korea's technical know-how in the energy and industrial sectors with the UAE's financial clout and understanding of regional markets.
The MOU is expected to further accelerate bilateral cooperation in markets that have good growth potential, such as Egypt.
South Korea and the UAE have been working together to enter the North African country's solar energy sector, as well as port development and ship repair works. Other African countries can also become future markets for joint projects.
Under the latest agreement, the two sides will set up a standing consultative group chaired by ministerial-level officials that will oversee feasibility studies and carry out research.
"The latest MOU lays the foundation for the two sides to penetrate new growth markets that can benefit all sides," the ministry said.
It pointed out that joint cooperation can allow South Korean businesses to capture emerging markets ahead of the competition and allow South Korean workers to find jobs in these countries and with businesses that support such operations. (Yonhap)
