(LEAD) Yoon vows to expand cooperation with Africa in trade, resources

SEOUL, The inaugural summit between South Korea and African nations kicked off Tuesday to discuss expanding economic ties and cooperation in supply chain and development with the resource-rich countries.

The Korea-Africa Summit brought together delegations from 48 African nations, including 25 heads of state. The main session will be held on the first day, followed by a business summit focused on trade and investment Wednesday.

President Yoon Suk Yeol said South Korea aims to expand trade and investment with Africa through a series of agreements, such as Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs).

He also vowed to support Africa’s efforts toward regional economic integration through the African Continental Free Trade Area (AfCFTA), launched in 2019.

“In terms of trade, we will speed up the signing of EPAs and TIPFs. On the investment front, we will expand investment protection agreements to promote exchanges between the two countries’ companies,” Yoon sai
d in his opening address.

To further promote cooperation with Africa, South Korea will expand its official development assistance (ODA) to approximately $10 billion by 2030 and provide export financing of about $14 billion to help Korean companies expand trade and investment in Africa.

Yoon said South Korea will work together with African nations to ensure resilient supply chains of critical minerals and digital transformation and to address climate change, food security and public health issues.

“We will seek sustainable cooperation solutions for issues directly related to future growth, such as the stable supply of critical minerals and digital transformation,” Yoon said.

Yoon also stressed the importance of coordination with African nations on the global stage amid heightened tension on the Korean Peninsula following a series of North Korea’s provocations, including its campaign of sending balloons carrying trash into South Korea.

“Together with our friends in Africa, South Korea will rigorously imple
ment U.N. Security Council resolutions and work to safeguard peace on the Korean Peninsula and in the international community,” Yoon said.

South Korea has been elected a nonpermanent member of the U.N. Security Council for the 2024-25 term.

The gathering, the largest multilateral summit hosted by the Yoon administration, takes place as South Korea is exploring ways to bolster economic ties with Africa, a massive consumer market with a population of 1.4 billion and a GDP of $3.4 trillion.

Currently, South Korea’s trade with Africa only accounts for 1.9 percent of the nation’s total trade.

Africa’s mass consumer market and abundant resources have drawn attention from South Korea, a major energy importer and home to the world’s leading chipmakers and battery producers.

On the occasion of the summit, a memorandum of understanding on the “Key Minerals Cooperation Partnership” will be signed to strengthen related cooperation, according to the presidential office.

Yoon and Mauritania President Mohamed Ould Gha
zouani, the chair of the African Union, will issue a joint statement at the end of the summit.

On the sidelines of the main session, Yoon plans to separately hold bilateral meetings with the leaders of Kenya, Madagascar, Liberia and Ghana.

Since Friday, Yoon has met 13 African leaders to sign a slew of agreements to pave the way for expanding trade and investment and cooperation in critical minerals, technology collaboration and joint exploration.

The countries include Sierra Leone, Tanzania, Ethiopia, Lesotho, Ivory Coast, Mauritius, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde.

Source: Yonhap News Agency