During the opening of the South Korea-Africa summit, nearly 50 agreements and pacts were signed with leaders of 48 African nations, focusing on collaboration in sectors such as mining, energy and manufacturing, according to the South Korean Ministry of Industry. In addition, the South Korean conglomerate Hyosung Corp signed a contract valued at US$30 million to supply electrical transformers to Mozambique.
South Korea’s partnership with Madagascar and Tanzania
South Korea’s Ministry of Industry established agreements for cooperation in critical minerals with Madagascar and Tanzania. These pacts seek to secure the supply of essential materials for industries such as batteries, the ministry added.
In total, 47 agreements were signed with 23 African countries during the summit. This effort highlights the interest of Asia’s fourth-largest economy in tapping into mineral resources mineral resources and the large export market that Africa offers.
South Korean President Yoon Suk Yeol stressed at a meeting with some 200 African and South Korean political and industrial leaders that, despite vast potential, Africa still accounts for only 1% to 2% of South Korea’s trade and investment.
Minerals and exports as a key to cooperation
Yoon expressed his hope that resource cooperation will expand in a mutually beneficial way. Yoon also pledged to increase development aid to Africa to $10 billion over the next six years. In addition, he pledged to provide $14 billion in export financing to encourage trade and investment by South Korean companies on the African continent.
The summit also served as a platform to discuss the strengthening of infrastructure in Africa, with the proposal of joint projects that would include the development of renewable energy and logistics improvements, which could significantly enhance economic growth and sustainable development in the region.
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Source: miningweekly
Photo: Shutterstock
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