Seoul, Nov 20 South Korean Industry Minister Kim Jung-kwan met with his United Arab Emirates (UAE) counterpart this week to discuss cooperation in artificial intelligence (AI) and energy sectors, according to Seoul officials on Thursday.
Kim met with the UAE's industry minister, Sultan Ahmed Al Jaber, in Abu Dhabi on Tuesday (local time) to discuss exchanges in the fields, shortly after the leaders of the two countries agreed to bolster economic cooperation across various sectors in a bilateral summit, according to the Ministry of Trade, Industry and Resources.
Earlier this week, South Korean President Lee Jae Myung and UAE President Mohamed bin Zayed Al Nahyan held a summit in Abu Dhabi and agreed to jointly develop a cooperation model for entering global markets based on the Barakah nuclear power plant model.
The Barakah plant was built by the Korea Electric Power Corp., marking Korea's first-ever overseas nuclear energy plant project.
Seoul has also decided to join the UAE's Stargate project centred on AI and energy infrastructure.
The two ministers also exchanged views on promoting bilateral cooperation in advanced manufacturing, petroleum, liquefied natural gas and battery.
Meanwhile, SK Group Chairman Chey Tae-won said that South Korea needs to revamp business policies to help companies pursue large-scale investment in the artificial intelligence (AI) sector, stressing the need for speedy and timely investments to keep pace in the global AI race.
"The game depends not only on volume but also on speed," Chey, who also serves as head of the Korea Chamber of Commerce and Industry (KCCI), said during a televised business forum, noting that economic security will depend on who takes leadership in the AI sector.
Chey's remark came as the business community has been asking the government to ease financial regulations amid the growing need to raise funds for large-scale investments in cutting-edge industries.
Chey said such efforts to adopt business-friendly policies are needed, given the South Korean economy may face negative growth starting in 2030.
"If we do not take effective measures soon, we will pay a massive price and make significant sacrifices once the economy turns negative," Chey said.
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