South Korea Hosts First-Ever Korea-Africa Summit, Aiming to Bolster Trade, Technology, and Investment

Representatives from 48 African nations are attending the inaugural Korea-Africa summit, which commenced on Tuesday, June 3. The two-day event is poised to concentrate on enhancing trade, technology, and investment between South Korea and African countries.

South Korean officials highlighted that strengthening ties in the sectors of minerals and resources is pivotal for improving the country’s supply chain resilience, particularly in key industries such as battery manufacturing.

“To boost cooperation with Africa, South Korea will expand its Official Development Assistance (ODA) program to approximately 10 billion dollars by 2030,” stated a South Korean official. “Additionally, to encourage South Korean trade and investment in the region, South Korea will provide 14 billion dollars in export financing.”

Currently, trade with African nations constitutes less than 2% of South Korea’s total imports and exports. This summit marks a significant step in South Korea’s efforts to increase its economic engagement with the African continent.

The timing of this outreach is notable as it coincides with North Korea’s attempts to emerge from diplomatic isolation, signaling South Korea’s strategic move to strengthen international alliances and economic partnerships.

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