SEOUL, SOUTH KOREA -- South Korea has announced the signing of nearly 50 deals and agreements during its first summit with leaders from 48 African countries. These agreements aim to enhance cooperation in sectors such as mining, energy, and manufacturing, the South Korean industry ministry reported on Wednesday.

Among the notable agreements, Hyosung Corp, a South Korean conglomerate, secured a $30 million contract to supply electric transformers to Mozambique. Additionally, the industry ministry inked deals with Madagascar and Tanzania to collaborate on securing critical minerals essential for industries like battery manufacturing.

The summit resulted in 47 agreements with 23 African countries, reflecting Asia's fourth-largest economy's efforts to tap into Africa's mineral wealth and vast 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 to an audience of approximately 200 political and industry leaders from African nations and South Korea at a business summit on Wednesday.

"My hope is that mutually beneficial resource cooperation will be expanded," Yoon added.

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

The agreements and pledges underscore South Korea's strategic move to strengthen its economic ties with Africa, leveraging the continent's resources while offering significant development aid and investment to foster mutual growth.

Source: voanews.com