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Hyosung Corp 004800.KS, a South Korean conglomerate, signed a contract to supply electric transformers to Mozambique worth USD30 million, the ministry said in a statement.
Nearly 50 deals and agreements have been signed during South Korea’s first summit with leaders from 48 African countries to cooperate in areas such as mining, energy, and manufacturing, South Korea’s industry ministry said on Wednesday.
Hyosung Corp 004800.KS, a South Korean conglomerate, signed a contract to supply electric transformers to Mozambique worth US$30 million, the ministry said in a statement.
The industry ministry also signed agreements to cooperate on critical minerals with Madagascar and Tanzania to secure supplies for industries such as batteries, it said.
The 47 agreements with 23 African countries were made during the summit as Asia’s fourth-largest economy seeks to tap the minerals and the vast export market in Africa.
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Yoon pledged that South Korea would increase development aid for Africa to D 10 billion over the next six years, and said will offer USD 14 billion in export financing to promote trade and investment for South Korean companies in Africa
