SPOTLIGHTS
- South Korea pledges $10 billion in development aid to Africa by 2030
- A new “critical minerals dialogue” aims to bolster sustainable resource development
- Bilateral agreements emphasize support for infrastructure and technology
- The summit underscores a deepening partnership between Korea and African nations
From Kenneth Udeh
The inaugural Korea-Africa Summit 2024, held from June 4th to 5th at KINTEX in Ilsan, South Korea, concluded with strong commitments from African leaders to enhance trade relations and development partnerships.
During the summit, South Korean President Yoon Suk Yeol and leaders representing 48 African countries adopted a joint declaration to boost trade, investment, and collaboration in critical minerals, development projects, and on the global stage.
President Yoon announced that South Korea would increase its development aid to Africa to $10 billion over the next six years, focusing on the continent’s rich mineral resources and potential as a vast export market. He also pledged $14 billion in export financing to support South Korean companies investing in Africa.
A key outcome of the summit was the agreement to establish a “critical minerals dialogue” to foster sustainable development of Africa’s resources. This initiative is particularly significant given South Korea’s position as a major energy consumer, home to leading semiconductor producers like Hyundai Motor Group, and its increasing focus on electrification.
“The Critical Minerals Dialogue launched by South Korea and Africa will set an example for a stable supply chain through mutually beneficial cooperation and contribute to sustainable development of mineral resources around the world,” President Yoon said.
African leaders welcomed South Korea’s “Tech4Africa” initiative, aimed at supporting education and training for Africa’s youth. AU Chairperson and Mauritanian President Mohamed Ould Ghazouani expressed African countries’ interest in learning from South Korea’s experience in human resource development, industrialisation, and digital transformation.
President Yoon emphasised “shared growth” as a cornerstone of cooperation with Africa, highlighting agreements to establish institutional frameworks for facilitating trade and investment.
The summit witnessed several bilateral agreements. President Yoon agreed to provide $2.5 billion in concessional loans to Tanzania and $1 billion in financing to Ethiopia for infrastructure, science and technology, health, and urban development. Kenyan President William Ruto announced that South Korea would provide $485 million in concessional development funding.
African Development Bank (AfDB) President, Akinwumi Adesina, commended South Korea’s development journey and highlighted the strong relationship between Korea and the AfDB. He encouraged Korea to channel some of its Special Drawing Rights (SDRs) through the AfDB to support development projects in Africa.
Leaders like Rwanda’s Paul Kagame and Tanzania’s Samia Suluhu Hassan emphasised the importance of learning from Korea’s experience and investing in key areas like clean energy and cooking solutions.
The summit saw participation from 33 African heads of state and government, signifying the growing importance of Korea-Africa relations. As Korea continues to expand its trade, investment, and development cooperation in Africa, analysts are optimistic that these commitments will contribute to mutual prosperity and sustainable development.
