Coinciding with Abu Dhabi Sustainability Week 2022, the Abu Dhabi Chamber of Commerce and Industry, in cooperation with Korea International Trade Association (KITA), have organized a Business Roundtable between Emirati and Korean businesses operating in the sectors of renewable energy and green hydrogen.
The business roundtable witnessed the attendance of Honorable Moon Jae-in, President of Korea, who is on an official visit to the UAE.
His Excellency Eng. Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, attended the meeting along with His Excellency Abdulla Mohamed Almazrui, Chairman of both the Federation of the UAE Chambers and Abu Dhabi Chamber of Commerce and Industry, and His Excellency Christopher Koo, Chairman of KITA.
A number of officials and representatives of Emirati businesses working in the energy sector attended the meeting as well including Mubadala Investment Company, Abu Dhabi National Oil Company ADNOC, Abu Dhabi Developmental Holding Company ADQ.
In his opening speech, H.E. Eng. Mazrouei said that the UAE is keen to expand its partnerships with Korea and Korean companies and to build upon the long track record of its cooperative success in an array of fields , including nuclear energy, oil and gas, and technology.
“In this regard, the UAE’s efforts to make hydrogen central to its future energy ambitions open the door for further expansion of our bilateral partnerships,” he added, noting that that the UAE believes that working closely with Korea, a country with a wealth of experience in the adoption of cutting-edge technological solutions is crucial to the UAE long-term success.
Emirati Entrepreneurship in Renewable Energy
For his part, H.E. Al Mazrui, Chairman of the Federation of UAE Chambers and Abu Dhabi Chamber, welcomed President Moon Jae-in in the UAE, saying that his presence reflects Korea’s awareness in boosting cooperation relations with the UAE on all levels.
H.E. Almazrui extended his welcome to all the organizers of this meeting, especially KITA for their perseverance to hold this meeting on the hydrogen economy sector which plays a very critical role as an enabler of international decarbonization and sustainable development strategies, and the global transition to lower carbon energy sources, especially as the world is recovering and is focusing on economic sustainability.
The Chairman pointed out that the UAE has considerable natural advantages and is equipped with an advanced infrastructure and high-production capabilities that allow it to produce competitive hydrogen as indicated by a recent published report titled ‘The United Arab Emirates’s Role in the Global Hydrogen Economy” detailing the importance of hydrogen as a potential fuel of the future and the UAE’s strong start in leveraging existing assets to position itself at the forefront of the energy market.
“The Federation of UAE Chambers is completely ready to join hands with KITA, the Korean Hydrogen Alliance and Emirati companies interested in investing in this promising sector,” he said.
He pointed to the importance of the business roundtable since it poses “a perfect opportunity to exchange experiences, explore trade opportunities, and form strategic partnerships, and to discuss possible venues of bilateral cooperation to transition into renewable energy and green hydrogen, considering them the new technologies to take us into a prosperous and sustainable future.”
Investing in Hydrogen
Chairman of KITA Christopher Koo emphasized that the goal of the meeting is to discuss the proper means of transitioning into the hydrogen economy with Emirati and Korean businesses working in the sectors of renewable energy and green hydrogen and with the attendance of President Moon, which reflects the huge volume of economic cooperation between the UAE and Korea.
“The world is currently in a race to achieve carbon neutrality and is vying to transition to eco-friendly energy sources,” he said. “Indeed, the Business Roundtable comes at an opportune time, and I hope that it will lay the ground for bilateral partnership in the hydrogen industry.”
On the sideline of the business roundtable, Etihad Credit Export Insurance and Korea Trade Insurance Corporation (KSURE) signed an MoU on providing financial support for hydrogen-related projects.