Ethiopia and South Korea signed a $300 million economic cooperation agreement on Monday, during Ethiopian Prime Minister Abiy Ahmed's two-day state visit to South Korea.

Signed under the Korea-Ethiopia Economic Development Cooperation Fund, the $300 million agreement will be implemented in 2019 and 2020, the Office of the Prime Minister tweeted.

Prime Minister Abiy also met with the Yong Hwan Kim, President of the EXIM Bank of the Republic of Korea, whose support for Ethiopia's currently ongoing projects exceeds $600 million. On the occasion, the two discussed ongoing and potential new support to Ethiopia's projects.

Prime Minister Abiy Ahmed's South Korea entourage includes Minister of Foreign Affairs Gedu Andargachew, Minister of Technology and Innovation Getahun Mekuria, and State Minister of Finance Admasu Nebebe.

After PM Abiy's met with South Korean President Moon Jae In, the two presided while five agreements were signed. Four of the five are memoranda of understanding on mutual waiver of visa requirements for holders of diplomatic/official service passports; the establishment of a joint ministerial commission; cooperation relating to standardization, certification, conformity assessment, and technical regulation; and environmental cooperation. The fifth happens to be a loan agreement for the establishment of a center of excellence for the Adama Science and Technology University project, according to the Office of the Prime Minister.

During his visit, Ethiopian Prime Minister Abiy has also held talks on several topics with the leaders of the tech giant SAMSUNG, the steel-maker POSCO, the automaker Hyundai, and KOIKA (Korea International Cooperation Agency).

Source (Including Image): Twitter Page of the Office of the Prime Minister - Ethiopia