Yoon Holds Summit with Angola President... Discusses Trade, Investment, and Energy Cooperation

Cooperation for the Successful Hosting of the June 'Korea-Africa Summit'

President Yoon Suk-yeol is shaking hands with President Jo?o Louren?o of Angola at the expanded Korea-Angola summit held on the 30th at the Yongsan Presidential Office in Seoul. [Image source=Yonhap News]

On the morning of the 30th, President Yoon Suk-yeol held a summit meeting with President Jo?o Louren?o of Angola at the Yongsan Presidential Office and discussed ways to enhance cooperation in areas such as trade, investment, shipbuilding, and energy.

President Louren?o arrived in South Korea on the 28th for an official visit lasting two nights and three days. This is the first bilateral visit by an Angolan president in 23 years. The two countries established diplomatic relations in January 1992. President Louren?o, a former military general, visited South Korea for the first time since taking office in 2017.

Angola is the second largest oil-producing country in sub-Saharan Africa and is rich in mineral resources such as diamonds and iron ore. South Korea signed a Memorandum of Understanding (MOU) called the Trade and Investment Promotion Framework (TIPF) to expand mutual trade and investment, and agreed to establish a customized economic cooperation platform reflecting Angola’s growth potential and abundant energy and resources.

They also agreed to lay the groundwork for expanding the participation of Korean companies in projects such as solar power plant construction and to broaden development cooperation into new areas including education, agriculture, fisheries, and customs administration. From this year until 2028, they plan to promote negotiations for the conclusion of a basic agreement on the Economic Development Cooperation Fund (EDCF) worth 1 billion USD, which will support various infrastructure projects in Angola.

The two countries also shared the view on the necessity of international cooperation to thoroughly implement United Nations (UN) Security Council resolutions in response to North Korea’s nuclear and missile development and provocations. Furthermore, they agreed to strengthen cooperation for the successful hosting of the 'Korea-Africa Summit' to be held in South Korea in June, according to the Presidential Office.