Angola and South Korea identify areas to strengthen partnership

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Angola and South Korea identify areas to strengthen partnership
Angola and South Korea identify areas to strengthen partnership

Africa-Press – Angola. South Korea’s investment in the agri-food sector in Angola, the transfer of technology and scientific knowledge constitute the basic premises of cooperation between the countries.

The idea is to seek reciprocal advantages with a view to meeting the food needs of the respective populations. These premises were declared by the Minister of Industry and Commerce, Victor Fernandes, at the end of the audience he granted to the Deputy Minister of Foreign Affairs for Economic Affairs of South Korea, Yun Seong-Deok.

The desire is to invert the current paradigm of trade, essentially focused on products from the Oil & Gas sector (oil industry), purchase of cars and industrial equipment.

According to Victor Fernandes, the parties reviewed the intricacies of bilateral relations between Korea and Angola in the field of Industry and Commerce and we agreed that they fall far short of the potential of both.

As stated, South Korea, due to its industrial capacity and its industrial and technological development, appears to be a considerable important partner in terms of transfer of know-how to Angola.

The minister of Industry and Commerce recalled that the department set as a goal for the next five years to achieve food self-sufficiency, which presupposes the need for partnerships with countries with experience in economic transition processes similar to the one that Angola is going through. These ideas take into account that South Korea has also gone through this phase in the development of the economy until it reaches the solid technical and technological capacity it has.

“It is not necessary to remember the brands of a wide range of products that South Korea exports to the whole world, from light industry to other segments, but mainly in heavy industry, including the production of machines and tools, as well as in the industry associated with agribusiness production,” he said.

The meeting culminated with the signing of the trade and industrial agreement, an act that served to mark the 30 years of the relationship between the two countries, a period during which, according to Victor Fernandes, “the cooperation agreement in the of Industry and Commerce”, which is why “we took note of the need to have a joint team that will monitor the implementation of this trade agreement”.

“This commercial and industrial agreement should focus its attention on the development of our country. We want to create a win-win partnership (reciprocal advantages) with South Korea. so that Korean industries can invest in our country”, he stressed.

As stated, Angola essentially exports products from the Oil & Gas sector (oil industry) and we import machinery, household appliances, automobiles from South Korea, but our trade balance is very small, that is, in deficit, from the point of view of that we should export. Korea has a lot of people and they need food because they import a lot of food from all over the world.

Commercial exchanges move 200 million dollars in 2021

The increase in trade between Angola and South Korea, valued at around US$200 million, the approach to mechanisms for the diversification of investment areas and Angola’s participation in “Expo Gunsa 2030” were the main themes of the meeting. between an audience granted yesterday, in Luanda, by the Minister of Industry and Commerce, Victor Fernandes, to a delegation from South Korea, led by its deputy minister of Foreign Affairs for Economic Affairs of South Korea, Yun Seong-Deok.

At the end of the meeting, which took place behind closed doors, Yun Seong-Deok told the media that South Korea sees Angola as a partner of significant economic importance, in which his country has an interest in investing in the renewable energy sectors. and agriculture.

“South Korea has interests in the sector of renewable energy and agriculture, within the scope of a plan drawn up by our Government, with the aim of helping to solve the problem of lack of food in African countries, with particular emphasis on Angola. parties have set the guidelines for the strengthening of our relations in these important areas and we are certain that together we are able to work towards ending the lack of food”, he said.

The diplomat believes that the new impetus given to relations between the two States will allow, in the near future, to increase the volume of trade that, in 2021, with the main products imported by that country, from Angola, natural gas and iron, while South Korea exports motor vehicles and light industry machinery and parts to Angola.

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