The agreement was reached during a meeting between Kwangjin Choi, the South Korean ambassador to Angola, and Alcides Sakala Simões, the Head of the Committee for Foreign Relations, International Cooperation, and Angolan Communities Abroad of the National Assembly.

In late April 2023, South Korea expressed its interest in enhancing partnership with Angola in the fields of telecommunications, information, energy, ports and the maritime industry by sending a special envoy – led by Park Heong-Joon, mayor of the metropolitan city of Busan – to meet and discuss diplomatic relations with H.E João Lourenço, Angola’s President.

This development takes place against the backdrop of Angola’s ambitious goal to achieve a 3.6% gross domestic product (GDP) growth in the next five years. This growth trajectory is fueled by the expansion of the oil and gas industry and the ongoing efforts to diversify the country’s economy.

Meanwhile, South Korea is keen on establishing a presence in Angola’s economy, particularly in sectors such as textiles, steel, car manufacturing, shipbuilding, and electronics. This strategic move by South Korean industry players highlights their desire to tap into Angola’s economic potential and contribute to its growing sectors.