South Korea’s Ministry of Industry announced on Wednesday, June 5, that nearly 50 deals were reached and agreements signed at the first “South Korea-Africa Business Summit” held in Seoul. South Korea will collaborate with African countries in areas such as mining, energy, and manufacturing.
Chaired by South Korean President Yin Seok-yul, the South Korea-Africa Business Summit took place from June 4 to 5 in Seoul, with 48 African Union member countries in attendance. The summit, held on June 5, attracted around 200 political and business leaders from African nations and South Korea.
According to reports from Reuters, South Korean industrial conglomerate Hyosung Corp signed a $30 million power transformer supply contract with Mozambique. Additionally, South Korea inked significant mineral cooperation agreements with Madagascar and Tanzania to secure supplies for industries like batteries.
Throughout the summit, the fourth largest economy in Asia signed 47 agreements with 23 African countries, aiming to tap into Africa’s mineral resources and vast export markets.
“Despite the enormous potential, Africa currently only accounts for 1% to 2% of South Korea’s trade and investment,” said South Korean President Yin Seok-yul during the summit. “I hope to expand mutually beneficial resource cooperation.”
Yin Seok-yul pledged on Tuesday that South Korea will increase its development aid to Africa to $10 billion over the next six years. He also stated that $14 billion in export financing will be provided to facilitate trade and investment by South Korean companies in Africa.