The leaders of South Korea and Ivory Coast on Tuesday agreed to expand cooperation on the economy, infrastructure, energy and agriculture, as part of Seoul government’s efforts to strengthen diplomatic and business ties with Africa.
Presidents Park Geun-hye and Alassane Ouattara discussed ways to boost ties on a wide range of fields including trade, investment, education and development programs at a summit held at the presidential office Cheong Wa Dae, officials said.
Ivory Coast was the first African nation to open diplomatic ties with South Korea. The two launched an official relationship in 1961. But the summit on Tuesday was the first meeting between the two countries’ leaders.
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| President Park Geun-hye shakes hands with Ivorian President Alassane Ouattara during a bilateral summit held on Tuesday at Cheong Wa Dae. (Yonhap) |
South Korean government has been making efforts to deepen diplomatic ties with resource-rich nations in Africa. Last month, Park met with Ugandan President Yoweri Museveni on the sidelines of the U.N. General Assembly held in New York. Park also invited African leaders including Mozambique President Armando Guebuza last year.
After the summit, the two sides signed a memorandum of understanding aimed at expanding trade and investment. Under the agreement, Korean companies are expected to get more opportunities to participate in infrastructure building projects in the African country.
Seoul asked Ivory Coast to help its companies participate in railroad and electricity infrastructure projects.
Korean firms have already signed a $1.5 billion contract to build a railway in Abidjan in Ivory Coast. But they have been looking for more business opportunities as the country seeks to boost its economy by spending more on infrastructure, according to officials.
The African country has earmarked $22 billion to build key infrastructure to double the size of its economy by 2020.
“The summit would create favorable environment for the firms to expand their participation in infrastructure projects in Ivory Coast,” said an official at Cheong Wa Dae.
The two countries have seen a rapid increase in trade volume in recent years.
South Korea exported cars and other goods worth $144 million to Ivory Coast last year from $96 million in 2011. Korea imported raw materials worth $2 million from the African country. Ivory Coast’s gross domestic product was $28.7 billion in 2012.
By Cho Chung-un (christory@heraldcorp.com)
