S. Korea set to help UAE gird for post-oil era

SEOUL, April 25 (Yonhap) -- South Korea will provide as much support as possible for the United Arab Emirates (UAE) in its drive to prepare for the post-oil era, Seoul's finance minister said Monday, calling the two nations "strategic allies."
"Korea and the UAE are strategic allies ... Seoul will cooperate with the UAE in all directions to gear it up for a post-oil era," Finance Minister Yoon Jeung-hyun told Abu Dhabi's Executive Council members visiting Seoul.
"To help the UAE move past an oil-dependent economy, we will channel all of our efforts into establishing the groundwork for manufacturing, developing new and renewable energy and promoting high value-added service industries," Yoon said.
The council is a high-ranking policymaking body for Abu Dhabi, one of oil-rich emirates of the UAE. The 14-member delegation is in Seoul for a five-day visit to exchange information on South Korea's experiences in economic and industrial development, the finance ministry said in a press release.
Their visit comes as both countries have recently beefed up cooperation in the energy sector. In late 2009, the UAE awarded South Korea a US$20 billion deal for the construction of four nuclear reactors in its country, which is trying to reduce reliance on crude oil for its energy supply.
Briefing the Abu Dhabi policymakers on South Korea's economy, Yoon said that it "is one of the few countries that escaped from the middle income trap" by strenuously trying to find new growth engines.
Referring to its role during the Group of 20 summit held in Seoul last year, he noted that Korea has the ability to "bridge" the gaps in tackling such global issues of reducing poverty and restoring peace by sharing its experiences with other countries.
He also cited recent deals to step up cooperation in the business areas between the two nations such as sovereign wealth funds, system semiconductors, and the media and content industry.
Yoon emphasized that cooperation between South Korea and the UAE is the "best" way the two countries can move forward in the future.
"Korea and the UAE will walk along the road less traveled without hesitation. Years later, your descendants may ask, 'The road you took with Korea, was that the best you could do? Are you positive?' My answer is this, loud and clear: 'Yes, it was definitely the best choice,'" he said.
kokobj@yna.co.kr