Ink 1 billion USD financing framework agreement
ADDIS ABABA - Ethiopia and South Korea have agreed to consolidate bilateral economic cooperation as leaders of the two talked in Seoul ahead of the Korea-Africa summit.
Prime Minister Abiy Ahmed (PhD) and his South Korean counterpart President Yoon Suk Yeol have talked on the two countries bilateral relations and expressed commitment to bolster economic cooperation.
Abiy who arrived in Seoul on the second of June 2024 for an official working visit has also reaffirmed Ethiopia's commitment to work together with South Korea to further enhance partnership between the two countries.
He expressed views on social media mentioning that the two countries share a long history spanning over six decades, rooted in Ethiopia's support during the Korean War.
"I am confident that we will work together to further enhance our partnership," Abiy wrote.
According to Ethiopian Ambassador to South Korea, Dessie Dalkie, the Premier's state visit to Seoul helps to transform the bilateral relations into a new chapter.
He said that the visit is an important incident to initiate new cooperation and consolidate the existing friendship between the two as the leaders have expressed commitment to deepening cooperation in various areas including finance, trade and investment, technology, and agricultural development among others.
Efforts are also underway to bolster the two nations' ties in people to people relations, culture, education and tourism, Dessie added.
On Sunday, Ethiopia and South Korea also signed a 1 billion USD financing framework agreement,which would help to foster the economic relation.
According to Finance Minister Ahmed Shide, the agreement is a demonstration for the commitment of the two countries to reinforce economic cooperation.
He stated that the financing framework agreement targets projects related to infrastructural development, science and technology, capacity building, health and urban development that would be implemented in the next four years.
So far, the Prime Minister with his delegation, has laid a wreath at the monument of Ethiopian veterans of the Korean War who fought alongside South Korean and United Nations forces.
During his stay, Abiy and his ministerial delegation, will participate in the Korea- Africa Summit, that will be held today and tomorrow , under the theme : "The Future We Make Together: Shared Growth, Sustainability, and Solidarity."
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Ambassador Dessie described the summit as a historic event for offering good opportunity for African countries to learn more about Korea's economic development experience.
"I hope, both side expand cooperation," he told Korean media.
Considering the geographic and historic importance, and huge population, Ethiopia is at the center of Korea-Africa economic cooperation, he said, adding that the advanced connectivity backed by well-developed transportation contributes to the improvement of the bilateral cooperation.
The bilateral relations between the two nations was began in 1951 following Ethiopia's participation in the Korean War alongside the South Korean and UN soldiers and this incident also initiated Korea's relationship with Africa, according to the Ambassador.
