Dubai: In order to enhance collaboration in
the areas of renewable energy and sustainable technologies,
UAE's Masdar and the Ministry of Knowledge Economy of the
Republic of Korea have signed a memorandum of understanding
(MoU).
The accord was signed during an official visit to the UAE
by Lee Myung-bak, President of the Republic of Korea, that
included a briefing about Masdar's achievements in the field
of renewable energy and a tour of the Masdar City construction
site. Masdar is a wholly owned subsidiary of the Mubadala
Development Company.
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.
In addition, the agreement opens the door for potential
joint investments in wind, solar and other renewable energy
projects.
"We look forward to tapping into the 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," Masdar's CEO,
Dr Sultan Al Jaber said.
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."
PTI
First Published: Tuesday, December 29, 2009, 14:50