South Korean President Yoon Suk Yeol (fourth from left) holds talks with his Angolan counterpart Joao Lourenco (second from right) at the presidential office in Seoul on Tuesday. (Pool photo by Yonhap)
South Korean President Yoon Suk Yeol and his Angolan counterpart, President Joao Lourenco, agreed Tuesday to enhance economic and trade cooperation during their talks in Seoul, resulting in the signing of a strategic framework tailored to promote trade and investment.
Lourenco became the second Angolan president to have visited South Korea, following Jose Eduardo dos Santos, who visited here in 2001. Korea and Angola established diplomatic ties in 1992.
Yoon's office said agreements signed during the summit could open the doors for more Korean companies to sign new deals with Angolan business partners, specifically in the fields of merchant vessels and solar panels.
For example, Hanwha Ocean, formerly known as Daewoo Shipbuilding and Marine Engineering, inked a $1.24 billion deal to manufacture two drillships and sold them to Angola's state-run oil producer Sonangol in 2019. Also last year, Hyundai Samho Heavy Industries sold two crude oil carriers through a $130 million deal.
With regard to the renewable energy industry, Hanwha Q Cell clinched a $110 million deal in 2021 and Hyundai Energy Solution sold solar panels worth a combined $31 million in 2023.
During the talks between the two heads of state, Yoon said Korea can play a role in stimulating Angola's economic growth, by taking advantage of its rich resources not limited to oil, diamonds and iron ore.
"Angola is rich with natural resources, while the proportion of its young population is high. In the meantime, Korea boasts technology prowess and has a track record of economic development," Yoon said in his opening remarks at the summit held in his office in Seoul.
South Korean President Yoon Suk Yeol (right) shakes hands with his Angolan counterpart Joao Lourenco (second from right) at the presidential office in Seoul on Tuesday. (Pool photo by Yonhap)
Yoon also highlighted South Korean firms' role in contributing to Angola's economic development.
"So far, South Korean companies have been dedicated to facility construction projects in Angola. Vessels manufactured in Korea's shipyards have contributed to the growth of Angola's crude oil business. Most recently, the bilateral cooperation reached the next level, to the field of renewable energy that Angola has focused on," Yoon said.
The meeting came about a month ahead of the Korea-Africa Summit scheduled in early June. Lourenco said in his remarks the upcoming multilateral summit signifies "a wide range of Korea's highly active policies toward Africa."
During Lourenco's visit, Korea and Angola signed five memoranda of understanding, including the bilateral Trade and Investment Promotion Framework.
Yoon's office said the two countries have established a tailored economic cooperation platform reflecting Angola's growth potential and abundant energy and resources by signing the TIPF.
The two countries also agreed to exchange information related to medical policies, promote their respective medicine industries and train medical professionals.
Under the agreement, the Korea National Diplomatic Academy and Angola's Venancio de Moura Diplomatic Academy will carry out exchange programs concerning staff and publications. The two countries' law enforcement agencies will also cooperate to cope with cybercrime, terrorism and drug-related crimes.
Angolan President Joao Lourenco attends a wreath-laying ceremony the Seoul National Cemetery on Tuesday. (Yonhap)
Lourenco kicked off his three-day official visit to South Korea on Sunday.
Before he visited the presidential office, Lourenco attended a wreath-laying ceremony at the Seoul National Cemetery in the morning.
On Monday, Lourenco met National Assembly Speaker Rep. Kim Jin-pyo and held a business forum involving the two countries as well as a conference with Angolan people living in Korea.
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