- President Yoon Suk Yeol of South Korea announced significant aid and investment for Africa during a summit in Seoul.
- Plans include doubling official development aid to $10 billion by 2030 and providing $14 billion in export financing.
- Emphasis on fostering trade ties, promoting regional economic integration, and addressing climate change through sustainable projects.
President Yoon Suk Yeol of South Korea unveiled a comprehensive strategy to enhance economic cooperation with Africa during a landmark summit held in Seoul. Delegations from 48 African countries attended the summit, marking a significant milestone in South Korea’s diplomatic efforts to strengthen ties with the continent.
President Yoon announced ambitious plans to allocate billions of dollars in aid and investment support to Africa in his address. This commitment encompasses doubling South Korea’s official development aid to $10 billion by 2030, alongside a substantial $14 billion export financing package to facilitate Korean firms’ expansion into African markets.
Yoon underscored the importance of these initiatives in fostering trade and investment between South Korea and Africa, emphasising the potential for mutual economic growth. Central to South Korea’s engagement with Africa is promoting regional economic integration through initiatives such as the African Continental Free Trade Zone (AfCFTA). Yoon highlighted the AfCFTA as a pivotal platform for enhancing trade relations between South Korea and African nations, positioning it as a catalyst for sustainable development.
Moreover, President Yoon emphasised the imperative of addressing climate change and promoting environmentally sustainable projects in collaboration with African partners. He cited examples such as the Olkaria geothermal power plant in Kenya and the Battery Energy Storage System in South Africa as a testament to South Korea’s commitment to green initiatives.
In addition to fostering economic cooperation, South Korea aims to contribute to Africa’s infrastructure development agenda. Yoon outlined plans to collaborate on key infrastructure projects, including constructing roads, railways, airports, and innovative city systems. By leveraging South Korea’s expertise and resources, the partnership seeks to enhance connectivity and spur economic growth in Africa.
The summit served as a platform for exploring potential partnerships and projects across various sectors, underscoring South Korea’s proactive approach to engaging with African nations. President Yoon’s announcement reflects a strategic commitment to deepening ties with Africa and addressing shared global challenges through mutually beneficial cooperation initiatives.