(Unofficial Translation)

Business leaders from the United Arab Emirates and Korea, distinguished guests, I am glad to meet you all. Today, the main players in our two economies have been brought together to seek bilateral cooperation in the hydrogen industry. This industry is key to achieving carbon neutrality. It, undoubtedly, is not an easy process to reach carbon neutrality, but if our countries band together and cooperate to foster the hydrogen industry, we will be able to have new opportunities amid challenges.

I am grateful to the Federation of UAE Chambers of Commerce and Industry and the Korea International Trade Association for arranging this meaningful event. I hope that this gathering will serve as a chance for our two countries to find new ways for mutual benefit and move toward common prosperity.

Among clean energy sources, hydrogen carries the highest applicability. Many countries are eyeing it because it can fuel automobiles, ships and planes as well as be utilized in fuel cells.

The UAE is making its green and blue hydrogen production capacity stronger through the Abu Dhabi Hydrogen Alliance. A green hydrogen production facility is being built in the Mohammed Bin Rashid Al Maktoum Solar Park, the world’s largest photovoltaic power generation plant. Through its hydrogen leadership road map, the country has also mapped out a vision to gain a 25 percent share of the low-carbon hydrogen market by 2030.

Korea is also strengthening the entire cycle of the hydrogen economy ecosystem, including production, utilization and distribution, by enacting the world’s first Hydrogen Act and establishing a basic hydrogen economy plan. In particular, we are expanding the use of hydrogen in mobility and the power generation industry and building the infrastructure to supply hydrogen nationwide.

Korean firms are also boldly investing in the hydrogen field, with our 10 leading large businesses having launched a hydrogen alliance. The UAE’s strengths are in the production of green and blue hydrogen while Korea’s are in utilization, storage and distribution – including hydrogen-powered vehicles, charging stations, fuel cells and liquid transportation. If our two countries cooperate, we will take the lead in the hydrogen economy.

Having agreed to cooperate on hydrogen cities in 2019, our two governments are now working to establish a Korea-developed hydrogen-based public transportation system in the UAE. Last year, we signed an MOU on hydrogen economy cooperation and began to work together on hydrogen trade, carbon recycling and emission reduction technologies. Businesses from both countries are also cooperating on blue hydrogen development and pushing for the construction of a large-scale blue ammonia plant.

In this meeting with businesspeople from both countries today, we are going to sign agreements on joint research for hydrogen production and utilization and on demonstration projects as well as an MOU on financing that will support cooperation in hydrogen industry projects. The signing of a framework loan agreement will also firmly support hydrogen cooperation projects. The Korean Government will provide full support to help further vitalize hydrogen cooperation between the businesses of our two countries.

Business leaders and distinguished guests from both countries, 

The UAE and Korea have a special strategic partnership. We are working together in various areas such as the Barakah Nuclear Energy Plant and other energy fields, national defense and the defense industry, healthcare and agriculture. We are both prospering through a special friendship like companions walking long distances in the desert together. The hydrogen industry is a field for future cooperation through which our two countries can make a greater leap forward. We will be able to contribute to carbon neutrality and show the world an example of bilateral cooperation. I’d like to see our countries’ businesspeople take the initiative and pool their wisdom and strengths. Both governments will always stand together. 

Thank you.