South Korea says it signed nearly 50 initial agreements with African nations to boost cooperation on trade, energy, critical minerals and a wide range of other industrial and economic fields. Seoul’s industry ministry said on Wednesday.

According to the Ministry of Trade, Industry, and Energy, the memorandums of understanding were signed on Tuesday during the two-day Korea-Africa Summit in Seoul.

The summit, which focused on expanding their cooperative relations, was the first of its kind hosted by South Korea for African partners.

At the government-to-government level, 12 MOUs were signed between South Korea and 11 African countries.

South Korea and Tanzania declared the initiation of negotiations for an economic partnership agreement (EPA) to deepen their trade ties.

An EPA is meant to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope of areas than a traditional free trade agreement.

South Korea also agreed with Morocco during talks to push for negotiations on a bilateral EPA, which would call for a stronger relationship on supply chains, the digital industry, and a broader range of trade issues.

The Seoul government also signed a Trade and Investment Promotion Framework with eight African countries, including Ghana, Malawi and Zimbabwe, to facilitate trade and investment.

A respective agreement on critical minerals was signed with Tanzania and Madagascar, which is expected to help ensure South Korea’s stable supply chains of key industry minerals for the rechargeable battery and other sectors.

On the margins of the summit, 16 MOUs and 19 contracts were signed among state-run agencies and private entities of South Korea and the African nations.

Of the contracts, South Korea’s Hyosung Corp. signed a transformer supply deal with Mozambique’s power agency.

According to the ministry, those agreements aimed to expand bilateral cooperation on advanced small modular reactors, electricity, new renewable energy resources, critical minerals and infrastructure projects, trade, and investment.

A business summit took place in Seoul, which brought together some 400 government officials from South Korea and Africa, including presidents and top officials from 18 African nations.

(Yonhap/NAN)