Uae-korea Cepa to boost green energy investments
Korean companies, which have bagged deals worth over Dh385 million at the two-day Korea Energy Week, said they are looking at strengthening investments and business partnerships in the UAE in sustainable green energy initiatives with a Comprehensive Economic Partnership Agreement (Cepa) between the two countries in the immediate pipeline.
In a statement, organisers of the recent Korea Energy Week UAE 2022, Verifair Dubai, said a majority of exhibitors at the show represented the renewable energy sector, keen to make inroads into the UAE’S sustainable energy market with the increasing focus on circular economy and carbonneutral alternative energy projects, which will contribute to achieving Net-zero emissions by 2050 for the UAE.
“There is a significant number of joint venture projects with the quantum of investments running into billions of dollars taking place in the UAE, Saudi Arabia and other countries in the region, which will mutually benefit both the countries in supporting strategic carbon neutrality in their respective countries,” said Chul Won IM, president, Energy Value Enterprise Development Institute, adding that such partnerships are crucial to drive renewable energy projects and tackling climate change challenges as well as in reducing greenhouse gas emissions.
The organisors of the high-profile expo were Ministry of Trade, Energy and Industry, Korea, along with the futuristic investment destination, Jeollanamdo, Korea Electric
Power Corporation (Kepco), operators and developers of the Arab world’s first nuclear power plant, Barakah Nuclear Power Plant, Jeonnam Technopark, EVEDI and Interfairs Korea.
“Korea and the UAE have a strong bilateral relationship for over 40 years, and the impending CEPA will further boost this, added Mr. Jung Seob KIM, New Energy Industry Section chief, Jeollanam-do province.
Bilateral trade
The UAE is the largest trading partner of Korea in the Arab world with a bilateral trade valued at $9.4 billion as of 2020 and more than US$2 billion in the first half of 2021.
“So far 12 Mous have been signed, while more are in the pipeline. We are confident that the size of the deals will increase in the coming days as the discussions between many Korean and the UAE companies conclude,” said Jeen Joshua, director, Verifair Dubai, adding that Cepa will be another milestone in catalysing bilateral cooperation between both the countries.
“The opportunities for Korean companies to join hands with Middle Eastern partners have significantly increased, particularly in the energy sector, and this will offer a win-win situation for businesses from both countries,” said Mr. Ki Hyun CHO, general manager, Kepco.