S. Korean conglomerates want to bolster energy cooperation with Africa

SEOUL, Nov. 24 (Yonhap) -- South Korea's major business conglomerates said
Tuesday they want to improve cooperation with resource-rich African countries.
"Africa has been dubbed 'the last growth engine on earth,'" said Cho Suck-rae,
chairman of the Federation of Korean Industries, at a meeting with more than 100
top African politicians who visited Seoul to hold a bilateral forum.
"If South Korean companies provide their capital and technology to develop
natural resources in Africa, it would create a big synergy effect," Cho said. The
federation represents South Korea's big business conglomerates such as Samsung
and Hyundai Motor.
The bilateral forum between South Korea and the African Union comes as the South
Korean government is stepping up its efforts to secure overseas energy assets,
spurred by last year's surging oil prices.
Among the high-profile African politicians at the second Korea-Africa Forum were
African Union Commission Chairman Jean Ping and Senegalese President Abdoulaye
Wade.
Two-way trade between South Korea and Africa stood at US$13.4 billion last year,
accounting for 1.6 percent of South Korea's total trade, according to the
federation.
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