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UAE Pledges to Invest $30 Billion in South Korea

Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERS
Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERS
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UAE Pledges to Invest $30 Billion in South Korea

Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERS
Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERS

The United Arab Emirates (UAE) will invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday.

The investment decision was announced as South Korea's President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said.

"We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances," Yoon's office quoted the UAE president as saying.

Details of the investment plan were not immediately known but Yoon's press secretary, Kim Eun-hye, said in a statement the investment will be directed at nuclear power, defense, hydrogen and solar energy industries, among others.

Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.

At their summit, the two countries also signed 13 memorandums of understanding, including an agreement between the state-run Korea Development Bank and the Abu Dhabi state fund Mubadala to cooperate for investment in South Korean companies.

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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo

Taiwan only expects a small impact from any tariffs imposed by the incoming government of US President-elect Donald Trump on semiconductor exports given their technological superiority, Economy Minister Kuo Jyh-huei said on Friday.
Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., the island is a key link in the global technology supply chain for companies such as Apple and Nvidia, according to Reuters.
But Taiwanese policymakers have warned new US tariffs against all countries from the Trump administration could curb economic growth this year for the export-dependent economy.
Trump has pledged a blanket tariff of 10% on global imports into the United States and a far higher 60% tariff on Chinese goods.
In late November, he specifically pledged a 25% tariff on imports from Canada and Mexico when he takes office on Jan. 20.
Asked at a news conference about the impact on Taiwan's export orders of Trump's tariffs, Kuo said it would not much affect the chip sector.
“For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small,” he added.
Taiwan will also help companies relocate supply chains to the United States as needed, away from where there might be high import tariffs, Kuo said.
“Now we see that we should be able to develop the aerospace supply chain industry in the United States, and do some joining up with the US aerospace companies, so that some of Taiwan's aerospace research and development centres can be moved there,” he added.