South Korea hosts inaugural summit with African nations

SEOUL, South Korea

An inaugural summit between South Korea and African nations kicked off in Seoul on Tuesday.

The summit aims to “expand economic ties and cooperation in supply chain and development with the resource-rich countries,” Seoul-based Yonhap News reported.

Delegations from 48 African nations, including 25 heads of state, are attending the Korea-Africa Summit.

“South Korea aims to expand trade and investment with Africa” by signing agreements, said President Yoon Suk-yeol.

The Far East nation’s trade with African nations accounts for 1.9% of South Korea’s national trade figures.

Backing regional economic integration of African nations, Yoon unveiled South Korea’s plans to expand official development assistance to approximately $10 billion by 2030.

He said Seoul will work 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.

Regarding tensions on the Korean Peninsula, Yoon said: "Together with our friends in Africa, South Korea will rigorously implement UN Security Council resolutions and work to safeguard peace on the Korean Peninsula and in the international community.”

The two sides are also expected to sign a memorandum of understanding on the Key Minerals Cooperation Partnership.