South Korea Grants Credit for Telecommunications Projects in Angola

Mergers, Acquisitions and Financial Results

A 35 million-dollar credit to fund the "Governmental Telecommunications Network" project was granted by South Korea to reduce the existing digital difficulties among Angola and other countries.

Angola's vice-minister of Foreign Affairs for Cooperation, Irene Neto, said that the Angolan government is engaged on the country's modernisation, through loans and direct investments, adding that both countries have a General Accord of Economic, Technical and Scientific Cooperation, signed in 1993.

The two governments are currently negotiating a project of the Agreement of Reciprocal Promotion and Protection of Investments, added the official.

On his turn, the Korean ambassador expressed satisfaction over the implementation of the accord aimed at optimising the functioning of the Angolan government. Kim Kyun Seop stressed that his government will continue to support projects aimed at developing Angola.

In Angola, South Korea is being represented by Daewoo, Samsung and Hyundai companies. The cooperation, between both States, is also noticeable in the fields of constructing FPSO platforms, tankers and fishing boats.

Angola Press Agency