South Korean President Yoon Suk-yeol on Tuesday vowed to speed up efforts to execute the $30 billion investment by the United Arab Emirates (UAE) and called for the government and businesses to work as a team to remain competitive.

“Businesses and the government should gather forces as one in an economic war,” Yoon said, during a meeting at Korea International Trade Association in Seoul, to examine follow-up measures to help spur the investment announced by the UAE during a summit in Abu Dhabi earlier this month.

“We cannot make companies run in a race with worn out shoes in the front line of innovation,” he said, adding that the government should offer support.

The meeting was attended by government officials including Economy and Finance Minister Choo Kyung-ho and Trade, Industry and Energy Minister Lee Chang-yang, business representatives that joined Yoon on his UAE trip, and financial representatives including Korea Development Bank Chairman Kang Seog-hoon.

“The biggest outcome is the $30 billion investment pledge by the UAE sovereign wealth fund as stated in the joint statement during the Korea-UAE summit,” Yoon said. “Our brother nation UAE made the decision as it trusts us. We should also nurture innovative investment partnerships that meet the benefits of both countries.”

The government plans to launch a Korea-UAE investment partnership platform this month that will comprise of committee and a network of companies and public organizations. Economy Minister Choo will lead the committee, which will be a policy consultative group to help speed up investment while the network will be more led by the private sector.

By Park In-hye, Song Gwang-sup, and Lee Eun-joo

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