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06 May 2024

Angola, South Korea Boost Bilateral Trade, Investment with 5 MoUs

Angola, South Korea Boost Bilateral Trade, Investment with 5 MoUs
Angolan President João Lourenço and South Korean President Yoon Suk Yeol signed five Memoranda of Understanding – including a bilateral trade and investment framework – during a meeting in Seoul earlier this week.

President Lourenço’s visit to Seoul – the second by an Angolan leader to South Korea – reflects growing cooperation between the two countries in the fields of energy and infrastructure.

“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,” said President Yoon.

Under the agreements, the two nations will also exchange medical expertise, enhance diplomatic ties through academic and professional exchanges, and cooperate in combating transnational crimes.

Both parties agreed to broaden cooperation to encompass additional sectors and committed to further talks regarding the completion of a $1-billion loan agreement under the Korea Economic Development Cooperation Fund for the period 2024-2028.

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