SEOUL, June 5 (Yonhap) — South Korea has signed nearly 50 initial agreements with African nations meant to boost cooperation on trade, energy, critical minerals and a wide range of other industrial and economic fields, Seoul’s industry ministry said Wednesday.
The memorandums of understanding (MOUs) were signed on the sidelines of the two-day Korea-Africa Summit held in Seoul from Tuesday, according to the Ministry of Trade, Industry and Energy.
The summit was the first of its kind hosted by South Korea for African partners, which focused on expanding their cooperative relations.
South Korean President Yoon Suk Yeol delivers a keynote speech during the 2024 Korea-Africa Business Summit at Lotte Hotel in Seoul on June 5, 2024. (Yonhap)
At the government-to-government level, 12 MOUs were signed between South Korea and 11 African countries.
South Korea and Tanzania declared the initiation of negotiations for an economic partnership agreement (EPA) with a goal to deepen their trade ties.
An EPA is meant to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope of areas compared with a traditional free trade agreement.
South Korea also agreed with Morocco upon talks to push for negotiations on a bilateral EPA, which would call for a stronger relationship on supply chains, digital industry and a broader range of trade issues.
The Seoul government also signed a Trade and Investment Promotion Framework with eight African countries, including Ghana, Malawi and Zimbabwe with the goal of facilitating trade and investment.
A respective agreement on critical minerals was signed with Tanzania and Madagascar, which is expected to help ensure South Korea’s stable supply chains of key industry minerals for the rechargeable battery and other sectors.
This photo shows officials from the Korean International Trade Association and the African Continental Free Trade Area signing a memorandum of understanding on stronger cooperation in Seoul on May 5, 2024. (Yonhap)
Among state-run agencies and private entities of South Korea and the African nations, 16 MOUs and 19 contracts were signed on the margins of the summit.
Of the contracts, South Korea’s Hyosung Corp. signed a transformer supply deal with the power agency of Mozambique.
Those agreements aim to expand bilateral cooperation on advanced small modular reactors, electricity, new renewable energy resources, critical minerals and infrastructure projects, as well as trade and investment, according to the ministry.
On Wednesday, a business summit took place in Seoul, which brought together some 400 government officials from South Korea and Africa, including presidents and top officials from 18 African nations, as well as corporate officials from Hyundai Motor Co., LG Corp., POSCO Holding Inc. and Doosan Enerbility Co., among other firms.
The participants discussed how to work more closely on facilitating the industrialization of African nations and strengthening their economic security in terms of food and major minerals and joint responses to climate change, the ministry said.
“The partnership between South Korea and Africa is a tell-tale example of how global citizens, despite different backgrounds, can get together to achieve the goal of joint prosperity,” Industry Minister Ahn Duk-geun told the summit, vowing thorough follow-up measures to achieve tangible results from their agreements.
This photo provided by the Ministry of Land, Infrastructure and Transport shows key dignitaries, including Tanzanian President Samia Suluhu Hassan (C), who attended the 2024 Korea-Africa Infrastructure Forum held in Seoul on June 5, 2024. (PHOTO NOT FOR SALE) (Yonhap)
Separately, the Ministry of Land, Infrastructure and Transport hosted an infrastructure forum to explore opportunities for South Korean companies to invest and do business in Africa. The president of Tanzania and infrastructure-related ministers from Rwanda, Kenya and Ghana attended the event.
At the 2024 Korea-Africa Infrastructure Forum held in Seoul, the ministry signed a memorandum of understanding with the Rwandan infrastructure ministry related to cooperation in areas involving smart city infrastructure and mobility.
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(YONHAP NEWS)