South Korea signs dozens of cooperation agreements, MOUs with African nations

Seoul, South Korea has signed 12 agreements and 34 memorandums of understanding (MOUs) with African nations on the sidelines of the Korea-Africa Summit aimed at enhancing cooperation with the resource-rich continent in various fields. Delegations from 48 African nations visited South Korea to attend the two-day summit, which focused on expanding trade and cooperation in areas encompassing critical minerals, development aid, infrastructure and digital transformation, South Korean News Agency (Yonhap) reported. The deals include two MOUs on key mineral cooperation, six Trade and Investment Promotion Frameworks (TIPFs), three MOUs on infrastructure and mobility cooperation, and agreements on the Economic Development Cooperation Fund (EDCF), which offers low-interest loans. The summit was the first of its kind hosted by South Korea for African nations and the largest multilateral summit since the Yoon Suk Yeol administration took office in May 2022. "The summit has upgraded the Korea-Africa dialogue to the hi ghest level and established a close network at the leadership level," the office said. South Korea has explored ways to step up economic ties and coordination on international issues with Africa under its vision to play a greater role on the global stage. "Cooperation with Africa is no longer an option but an imperative to secure supply chains and pave the way for Korean companies' expanding foothold in the market," the presidential office said. The African Union, consisting of 54 member states, accounts for nearly 28 percent of the United Nations' overall membership. Last year, the pan-African organization joined the Group of 20 as a permanent member, demonstrating its rising influence on the global stage. The African Continental Free Trade Area (AfCFTA) agreement aims to merge 55 economies into a mega market of 1.4 billion people, making it one of the world's biggest free trading blocs. Source: Bahrain News Agency