Leaders highlight shared growth, sign deals as Korea-Africa Summit begins

Diplomacy

Published: 04 Jun. 2024, 19:21

Leaders highlight shared growth, sign deals as Korea-Africa Summit begins

President Yoon Suk Yeol and African leaders take a commemorative photo at the inaugural Korea-Africa Summit at Kintex in Goyang, Gyeonggi, on Tuesday. The summit was attended by delegations from 48 countries and included 25 African leaders. [PRESIDENTIAL OFFICE]

Korean and African nations signed 12 agreements and 34 memorandums of understanding (MOUs) to increase cooperation in sectors including economy and infrastructure as the inaugural Korea-Africa Summit began Tuesday.

The two-day summit, which includes a main session and side events through Wednesday, convened at Kintex in Ilsan, Gyeonggi, and Seoul. It brings together delegations from 48 African nations, including 25 country leaders.

Korea and the African nations used the opportunity of the summit to create a platform to strengthen strategic cooperation, including securing supply chains for critical minerals, development aid and infrastructure projects, as well as boosting trade and investments.

President Yoon Suk Yeol, during the summit, pledged that the Korean government would double its current official development aid (ODA) to Africa to $10 billion by 2030.

This is enabled through agreements to expand the Economic Development Cooperation Fund (EDCF), through which Korea offers low-interest loans and grants.

Korea will also provide $14 billion in export financing to help Korean companies expand trade and investments across Africa.

Yoon also pledged to "actively contribute" to Africa's regional economic integration efforts through the African Continental Free Trade Zone (AfCFTA).

Launched in 2019, this free trade accord has positioned itself as the biggest in the world in terms of population, emerging as a single market with a GDP of $3.4 trillion and representing 1.4 billion people from 54 of 55 African countries.

"If Korea and Africa combine our strengths to find sustainable solutions, we will be able to overcome global challenges and crises together," Yoon said in his opening address. "We will also seek sustainable ways to cooperate on issues directly related to future growth, such as the stable supply of key minerals and a digital transformation."

The array of deals signed covered two MOUs in key minerals, six Trade and Investment Promotion Frameworks (TIPF) and three on infrastructure and mobility. Other agreements covered cooperation in agriculture, marine and fisheries, the medical and health care sectors and visa exemptions for diplomats and officials.

President Yoon Suk Yeol, right, holds a joint press briefing alongside Mauritania's President Mohamed Ould Ghazouani, chair of the African Union, at the inaugural Korea-Africa Summit Monday at Kintex in Ilsan in Goyang, Gyeonggi. [YONHAP]

The summit, the first of its kind between Korea and most African Union members, is the largest multilateral conference hosted by the Yoon administration since it launched two years ago.

Yoon co-chaired the summit alongside Mauritania's President Mohamed Ould Ghazouani, chair of the African Union.

The summit addressed the theme, "The Future We Make Together: Shared Growth, Sustainability, and Solidarity."

The two sides issued a joint declaration afterward, highlighting their commitment to "build a future together based on a strong and mutually beneficial partnership" structured around the three pillars of shared growth, sustainability and solidarity.

To this end, the two sides agreed to launch a high-level dialogue on expanding cooperation on the supply chain of critical minerals, meant to "serve as an important institutional foundation" for enhancing ties between Korea and African countries.

The declaration also called for the need to pursue quality, sustainable and resilient infrastructure projects in Africa, such as roads, railways, bridges, ports, airports, dams, seawater desalination plants and electricity and water management systems. The countries noted the role played by Korean companies in the construction of sustainable infrastructure in Africa and the desire to strengthen collaboration in smart infrastructure fields, such as smart cities and intelligent transportation systems, an area in which Korea is competitive.

They added that strengthening science and digital technology is also crucial for advancing economic cooperation.

"We all understand that Korea can offer a lot, especially when it comes to their experience of economic development, human capital development, industrialization and transition to a digital economy," Ghazouani said in a joint press briefing alongside Yoon. "In addition, we were able to reaffirm and understand the growth potential of Africa. Africa has a young population, there is much dynamism and Africa has abundant critical minerals and other natural resources."

"We achieved the result of elevating the level of Korea-Africa dialogue to the highest level and establishing a close network at the summit level," the presidential office said in a statement. African nations account for over a quarter of the 193 UN member states. South Korea begins its presidency as a non-permanent member of the UN Security Council this month.

Korea’s first lady Kim Keon Hee, center, takes a commemorative photo after hosting a luncheon event for spouses of leaders attending the Korea-Africa Summit in the gardens of the Blue House, the former presidential compound, in central Seoul Tuesday. [PRESIDENTIAL OFFICE]

First lady Kim Keon Hee hosted a luncheon for spouses of the African leaders which introduced Korean history and culture at the Blue House in central Seoul on Tuesday.

Since Friday, Yoon also has held separate meetings with the 25 leaders of the African countries attending the summit, including the leaders of Sierra Leone, Tanzania and Ethiopia, who were also making official visits to Korea.

On Monday, Yoon met with the leaders of Lesotho, Ivory Coast, Mauritius, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde.

Yoon and Kim hosted the African delegations in an official welcoming dinner banquet at the Shilla Hotel in Seoul Monday evening, stressing Korea's desire to prosper together with African nations.

A Korea-Africa business summit is scheduled for Wednesday.

BY SARAH KIM [kim.sarah@joongang.co.kr]