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UAE, S.Korea to Boost Co-operation in Renewable Energy
ABU DHABI — UAE and South Korea have signed an MoU to enhance collaboration in the areas of renewable energy and sustainable technologies.
Theaccord was signed by Masdar, a wholly owned subsidiary of the Mubadala Development Company, and the Ministry of Knowledge Economy of the Republic of Korea,during an official visit to the UAE by Lee Myung-bak, President of the Republic of Korea.
The visit also included a briefing about Masdar’s achievements in the field of renewable energy and a tour of the Masdar City construction site.
The MoU paves the way for Masdar to work closely with Korean firms and institutions in the development and advancement of renewable energy and sustainable technology solutions, an announcement by Masdar on
Monday said.
Potential avenues for collaboration include joint research between the Masdar Institute of Science and Technology and Korean research and academic institutions as well as the prospects for the establishment of a Korean clean tech cluster within Masdar City.
In addition, the agreement opens the door for potential joint investments in wind, solar and other renewable energy projects.
“Korea has well established reaearch and developments capabilities in renewable energy and leading companies in the field of Green IT as well as strong government commitment to further develop these sectors,” explained Masdar’s Chief Executive Officer Dr. Sultan Al Jaber.
“We look forward to tapping into these strengths and forming strategic partnerships with academic, research, business and investment institutions from South Korea and to seeing Korean entities become an integral part of the research and innovation that takes place in Masdar City,” he explained.
Commenting on the agreement, Choi Kyunghwan, Korea’s Minister of Knowledge Economy, said, “Masdar is a unique initiative that is playing a significant role in the promotion and commercialisation of renewable energy solutions and I am very pleased that Korean companies will have the opportunity to contribute to Masdar’s innovation base and become active players in Masdar City.”
The first opportunity for Korean clean tech companies to showcase their capabilities will be at the World Future Energy Summit taking place at the Abu Dhabi National Exhibition Centre from January 18 to 21.
Now in its third year, the summit is quickly establishing itself as the leading industry event focussed on renewable energy solutions and offers a strong platform for Korean entities to present their expertise in clean and sustainable technology.
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