President Yoon Suk Yeol and visiting Tanzanian President Samia Suluhu Hassan agreed Sunday to expand cooperation for a stable supply of critical minerals, Yoon’s office said.

The summit took place at the presidential office in Seoul, as Yoon is set to host the inaugural South Korea-Africa summit later this week. The two-day summit will open Tuesday and bring together delegations from 48 African countries, including the leaders of 25 of them.

“I am pleased to announce the initiation of ‘economic partnership agreement’ negotiations with Tanzania, the first African country to do so,” Yoon was quoted as saying by his office.

Yoon further noted that more local companies have made inroads into building major infrastructure in the African country, ranging from railroads to bridges.

Since South Korea and Tanzania established diplomatic ties in 1992, trade volume has seen steady growth over the past decades, according to the Korea International Trade Association. The number of local firms entering the Tanzanian m
arket has also increased.

In response, the Tanzanian president expressed hope for closer cooperation between the two countries for expanded trade and investment.

“I expect more South Korean companies to participate in development projects aimed at improving Tanzania’s economic development and living conditions for its residents,” she said.

Source: Yonhap News Agency