South Korea and African Nations Forge Nearly 50 Deals at Landmark Summit

SEOUL, SOUTH KOREA — Nearly 50 agreements were signed during South Korea's first summit with leaders from 48 African countries, focusing on cooperation in mining, energy, and manufacturing, South Korea's industry ministry announced on Wednesday.

Hyosung Corp, a prominent South Korean conglomerate, secured a contract to supply electric transformers worth $30 million to Mozambique, according to the ministry's statement. Additionally, the ministry signed agreements with Madagascar and Tanzania to collaborate on securing critical minerals for industries such as battery production.

The 47 agreements with 23 African countries were formalized during the summit as Asia's fourth-largest economy aims to tap into Africa's rich mineral resources and burgeoning export market.

"Despite its enormous potential, Africa still accounts for only 1-2% of South Korea's trade and investment," South Korean President Yoon Suk Yeol remarked at a business summit attended by about 200 political and industry leaders from both regions. "My hope is that mutually beneficial resource cooperation will be expanded," Yoon added.

On Tuesday, President Yoon pledged to increase South Korea's development aid for Africa to $10 billion over the next six years. He also announced a commitment to offer $14 billion in export financing to bolster trade and investment opportunities for South Korean companies in Africa.