S. Korea-Africa summit boosts economic collaboration
South Korea has signed about 50 deals and agreements with African countries during the inaugural summit with leaders from 48 African countries. Reuters reported on Wednesday. The deals span across sectors such as mining, energy, and manufacturing.
Hyosung Corp, a South Korean conglomerate, clinched a contract valued at $30 million to provide electric transformers to Mozambique, as outlined by the ministry in a statement.
Additionally, the industry ministry forged pacts to collaborate on critical minerals with Madagascar and Tanzania, aiming to ensure a steady supply for industries like battery manufacturing, it stated.
The remaining 47 agreements with 23 African nations aim to leverage Africa’s mineral resources and expansive export market.
“Despite its vast potential, Africa currently only contributes 1-2 per cent to South Korea’s trade and investment,” South Korean President Yoon Suk Yeol told a gathering of approximately 200 political and industry leaders from African countries and South Korea during a business summit on Wednesday.
Expressing optimism, Yoon added, “My aspiration is to see an expansion of mutually beneficial resource co-operation.”
On Tuesday, Yoon pledged that South Korea would ramp up development aid to Africa to $10 billion over the next six years, alongside offering $14 billion in export financing to foster trade and investment opportunities for South Korean firms in Africa.
