Hanwha Corp., trading unit of South Korean conglomerate Hanwha Group, announced on June 2 that it has signed a memorandum of understanding (MOU) with Ethiopia’s state-run Ethiopian Construction Works Corp. (ECWC) at Addis Ababa, Ethiopia, on May 27 to supply heavy equipments for infrastructure development projects in the nation.
At the MOU signing ceremony, Hanwha Corp. CEO Park Jae-hong and ECWC CEO Hailemeskel Tefera had an in-depth discussion of the development of cities and infrastructural systems such as roads, harbors, and railroads in Ethiopia.
Park also met with Mohamed Nuri, the head of Ethiopia’s largest pharmaceutical company Medtech Ethiopia Plc, and agreed to work together on developing medical projects such as building infusion solution manufacturing plant. In addition, he met with Uganda's Minister of Agriculture Tress Bucyanayandi on the 29th to talk about the direction of mutual cooperation between the two counties.
Park visited three East African countries – Ethiopia, Uganda and Kenya – for nine days from May 25 to June 2 as a member of an economic mission accompanying President Park Geun-hye in her first state visit to Africa. Other than his official schedule as a member of an economic mission, he met senior government officials and prominent figures in economic circles in the three countries and discussed how to cooperate in projects of the medical, infrastructure, heavy equipment, petrochemicals and grain sectors.