ABU DHABI, 14 May 2006 — The UAE and South Korea signed a series of accords yesterday, including a memorandum of understanding on stockpiling Emirati oil in South Korea and a MoU for boosting operation in the field of Information and Communication Technology (ICT), sources told Arab News yesterday.
“The two sides signed a total of six memorandums of understanding, including one on energy cooperation, in addition to an agreement on economic, trade and technological cooperation” the source added.
Roh Moo-hyun, the first South Korean president to visit the UAE, arrived in Abu Dhabi on Friday will conclude his trip in Dubai today. Roh was accompanied by a delegation comprising four ministers and senior aides.
UAE President Sheikh Khalifa ibn Zayed Al-Nahayan and Roh Moo-hyun held talks yesterday at Al Mushref Palace over mechanisms of boosting joint bilateral relations.
The two leaders also exchanged views on the latest regional and international issues of mutual concern. Sheikh Khalifa underlined the UAE’s sincere desire to further enhancing trade, economic and investment cooperation with Korea, and benefiting from its economic progress model. He said the UAE and Korea maintain firm trade and investment relations buoyed by constructive bilateral cooperation. The UAE, he emphasized, was keen to increase investment in trade, economic, tourist and cultural fields. “The visit of the Korean president on top of a high-profile trade, business and media delegation, will contribute to opening up new avenues for strengthening bilateral bonds and creating fresh opportunities for broad, constructive cooperation, Sheikh Khalifa said.
The MoU on stockpiling Emirati oil, whose terms have yet to be finalized, stipulates that South Korea will rent out facilities for stockpiling UAE crude oil, Mira Sun, a spokeswoman for President Roh told AFP news agency.
“For Korea, this is a win-win arrangement, because it will collect renting fees and will also have a prior guarantee for purchasing the stockpiled crude oil,” Mira added.
Once finalized, the stockpiling deal will give the UAE a marketing gateway to Northeast Asia, one of the fastest growing markets for oil consumption, Sun said.
State-owned Korean National Oil Company (KNOC) and Abu Dhabi National Oil Company (ADNOC) inked it.
The UAE is South Korea’s second largest crude oil supplier, with shipments totaling 150 million barrels in 2005.
The UAE Ministry of Government Sector Development and South Korean Ministry of Information and Communication signed a (MoU) for boosting operation in the field of Information and Communication Technology (ICT). UAE Minister of Government Sector Development Sultan ibn Saeed Al-Mansouri and Korean Minister of Information and Communication Rho Jun-Hyong inked the deal. According to a statement from WAM news agency, the conclusion of the MoU underlines the necessity of mutual cooperation for the development of state-of-the-art communications services, the modernization of communications networks, the promotion, internet usage, the conduct of e-commerce and software development, the exchange of information technologies and for improving the quality and range of services for their consumers through more effective competition. The MoU covers various scopes of common interest and cooperation.
The two sides will also seek cooperation in human sources in the field of information and communication, bilateral and multi-lateral issues in information technology and telecommunications and other areas of information technology and communications.
South Korean President Roh, who had visited Mongolia and Azerbaijan on his way to the UAE, said that his trip reflected his country’s desire to see the rapid progress made by the UAE in all walks of life under the leadership of Sheikh Khalifa. He noted that Korea gives special attention to its relations with the UAE whose economy has made remarkable growth and its non-oil industries have become well known at regional and international levels. Conclusion of bilateral agreements on trade, economy, communications and technology, he added, underscored the two countries’ determination to establish viable distinguished partnership. “The two countries share and enjoy favorable trade, economic and investment and this gives a big boost to Korean public and private sectors to invest in the UAE and expand scopes of partnerships with its business community. He expressed his hope that his debut trip to the UAE would achieve the aspired goals. Gen. Sheikh Mohammed ibn Zayed Al-Nahayan, Abu Dhabi crown prince and deputy supreme commander of the UAE Armed Forces, and a number of sheikhs, ministers and senior civilian and military officials, attended the talks.
— With input from agencies.
