Samsung, SK, Hyundai Motor chiefs meet UAE president to bolster business ties in energy, defense

Samsung Electronics Executive Chairman Lee Jae-yong leaves the Lotte Hotel Seoul, Tuesday, after his closed-door meeting with United Arab Emirates President Mohamed bin Zayed Al Nahyan. Yonhap

The heads of Korea’s major business groups, including Samsung, SK and Hyundai Motor, met with the United Arab Emirates (UAE) President Mohamed bin Zayed Al Nahyan to elevate their business partnerships in energy, defense and other key industries with the country, Tuesday.The high-profile meeting came on the sidelines of the UAE president’s two-day state visit to Korea. The leaders of other conglomerates – such as Hanwha and CJ – also joined the meeting to boost their business ties.His visit to Seoul was a reciprocal gesture following President Yoon Suk Yeol’s state visit to the Middle Eastern country in January 2023. During Yoon’s visit, his UAE counterpart surprised the business community by announcing plans for a substantial investment of $30 billion (40.76 trillion won) in Korean

firms. At that time, Yoon was accompanied by a business delegation comprising Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and Hyundai Motor Group Executive Chair Chung Euisun.Industry officials say that during the closed-door meeting with business tycoons in Korea, the UAE leader explored strategies to enhance business connections in Korea’s cutting-edge technology sectors, particularly semiconductors, as well as in energy domains. However, specific details of the discussions have not been disclosed.HD Hyundai Vice Chairman Chung Ki-sun expressed optimism about exploring further opportunities with the UAE, particularly in shipbuilding, construction machinery, and eco-friendly energy sectors.“We are constantly looking for more ways to collaborate with the UAE in those areas, so I will explain our major upsides (during the meeting with the UAE president),” he told reporters before joining the 온라인카지노 meeting.

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