- South Korea signed nearly 50 deals with 48 African countries to enhance mining, energy, and manufacturing cooperation.
- Hyosung Corp secured a $30 million contract to supply electric transformers to Mozambique, and the ministry signed mineral agreements with Madagascar and Tanzania.
- President Yoon pledged $10 billion in development aid and $14 billion in export financing to support South Korean companies in Africa.
The industry ministry said Wednesday that South Korea signed nearly 50 deals with leaders from 48 African countries to boost mining, energy, and manufacturing cooperation.
The ministry stated that Hyosung Corp (004800. KS) secured a $30 million contract to supply electric transformers to Mozambique.
The ministry also signed agreements with Madagascar and Tanzania to collaborate on critical minerals for battery industries, securing vital resources.
During the summit, South Korea concluded 47 agreements with 23 African nations to tap Africa’s mineral wealth and growing export market.
Despite Africa’s significant potential, it currently accounts for only 1-2% of South Korea’s trade and investment. “I hope that mutually beneficial resource cooperation will expand,” South Korean President Yoon Suk Yeol told about 200 political and industry leaders from both regions at a business summit on Wednesday.
On Tuesday, President Yoon pledged to increase development aid for Africa to $10 billion over the next six years. He also promised $14 billion in export financing to boost trade and investment for South Korean companies in Africa.