South Korea has agreed to grant Senegal $500 million to help implement various development projects. The financing deal was signed last week on the sidelines of the 5th Korea-Africa forum held on March 3 in Seoul.
This new South Korea-Senegal partnership mainly focuses on financing the agriculture, education, and transport sectors. It is expected to strengthen trade relations between the two countries. Data from the Observatory of Economic Complexity (OEC) show that in January 2022, Senegal’s exports to South Korea amounted to $3.99 million, up 143% compared to January 2021. At the same time, the African country purchased $5.46 million worth of goods and services from its Asian partner, down 16.8% compared to January 2021.
OEC reported that between 1995 and 2019, Senegalese exports to S. Korea grew by an average of 25.7% a year from $233,000 to $56 million. These exports are mainly made of non-fillet frozen fish, coconuts, Brazil nuts, cashews, and processed crustaceans.