Ministry of Oceans and Fisheries, African Development Bank and Madagascar Jointly Develop Port

Signing of Diplomatic Memorandum... Technology Feasibility Study Until April Next Year

Tulear Port, Madagascar. (Photo by Ministry of Oceans and Fisheries)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Oceans and Fisheries announced on the 20th that it has signed a 'Memorandum of Understanding' on cooperation for the development of Tulear Port in Madagascar with the African Development Bank (AfDB) through a non-face-to-face meeting.

The Memorandum of Understanding is a type of diplomatic memorandum, which includes the African Development Bank jointly conducting a feasibility study with the Korean government regarding the development and investment promotion of Tulear Port.

Accordingly, the Ministry of Oceans and Fisheries plans to conduct technical, economic, financial, and legal feasibility studies related to the Tulear Port development project from July this year to April next year. AfDB will participate in financing, including equity investment and loan support at the commercialization stage, in addition to environmental and social impact assessments.

Since 2008, the Ministry of Oceans and Fisheries has supported the establishment of basic plans and feasibility studies for port development in developing countries in Asia, Latin America, and Africa. It has expanded the environment for Korean companies to enter overseas port markets and has completed 43 cooperation projects with 32 countries so far.

Lee Cheoljo, Director of the Port Division at the Ministry of Oceans and Fisheries, said, "We expect that transferring our port development experience to Africa will also actively promote Korean companies' pioneering of the African port market," adding, "We plan to continue increasing cooperation with international development banks to actively support Korean companies' entry into overseas port markets."

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