The inaugural Korea-Africa summit is currently welcoming delegates from 48 African nations for a two-day gathering. Commencing on Tuesday, June 4, the discussions will centre on trade, technology, and investments.
According to South Korean officials, enhancing connections in the area of minerals and resources will strengthen the resilience of the nation’s supply chain, particularly in vital sectors such as battery manufacturing.
“In order to boost cooperation with Africa, South Korea will expand ODA (Official Development Assistance Program) to around 10 billion dollars until 2030. Also in order to encourage South Korean trade and investment in the region, South Korea will provide 14 billion dollars in export financing,” said South Korean President Yoon Suk Yeol during the opening ceremony of the 2024 Korea-Africa Summit in South Korea.
At present, trade with African nations comprises less than 2% of South Korea’s overall imports and exports. South Korea’s engagement with the continent coincides with efforts by neighbouring North Korea to emerge from diplomatic isolation.