South Korea, African countries sign agreements on minerals, exports

HYOSUNG

05/06/2024 07:00

SEOUL, June 5 (Reuters) - Nearly 50 deals and agreements
have been signed during South Korea's first summit with leaders
from 48 African countries to cooperate in areas such as mining,
energy and manufacturing, South Korea's industry ministry said
on Wednesday. 
    Hyosung Corp  004800.KS , a South Korean conglomerate,
signed a contract to supply electric transformers to Mozambique
worth $30 million, the ministry said in a statement.
    The industry ministry also signed agreements to cooperate on
critical minerals with Madagascar and Tanzania in order to
secure supplies for industries such as batteries, it said. 
     The 47 agreements with 23 African countries were made
during the summit as Asia's fourth-largest economy seeks to tap
the  minerals and the vast export market in Africa. 
    "Despite its enormous potential, Africa still accounts for
only 1-2% of South Korea's trade and investment..," South Korean
President Yoon Suk Yeol told a gathering of about 200 political
and industry leaders from African countries and South Korea at a
business summit on Wednesday. 
    "My hope is that mutually beneficial resource cooperation
will be expanded," Yoon said.
    Yoon pledged on Tuesday that South Korea would increase
development aid for Africa to $10 billion over the next six
years, and said will offer $14 billion in export financing to
promote trade and investment for South Korean companies in
Africa.

 (Reporting by Joyce Lee
Editing by Ed Davies)
 ((joyce.lee@tr.com;))