Seoul — One of the country's largest business lobby groups, the Zimbabwe National Chamber of Commerce (ZNCC) and the Korea Chamber of Commerce and Industry (KCCI), on Tuesday signed a memorandum of understanding (MoU) that seeks to promote trade and economic relations among businesses from the two countries.

The ZNCC president, Mr Mike Kamungeremu and Mr Lee Seong Woo, vice president of KCCI signed on behalf of their organisations in a ceremony held in Seoul.

The parties agreed that in accordance with the business laws of their respective countries and in compliance with the existing agreements between Zimbabwe and South Korea, they shall develop strong institutional, trade and business relationship in order to establish a sustainable mechanism of dialogue.

Speaking to The Herald after the singing ceremony, Mr Kamungeremu said the agreement presented huge opportunities for Zimbabwean businesses.

He said some of the opportunities include increased trade and investment and creation of new markets for local products and Korean investments in Zimbabwe.

"There will be ⁠technology and skills transfer which could increase efficiency, productivity and competitiveness. There will also be business networking opportunities and collaboration as we get potential business partners. We are also looking at capacity building through training sessions and workshops for our members to enhance their business skills," he said.