South Korea's President Yoon Suk Yeol announced plans to increase development aid to Africa and enhance collaboration with the region on critical minerals and technology during a meeting with African leaders in Seoul. The Korea-Africa Summit, attended by representatives from 48 African nations, including 25 heads of state, aims to bolster trade and investment ties between South Korea and Africa.
Currently, trade with African nations constitutes less than 2% of South Korea's total imports and exports. To boost supply chain resilience in key industries like batteries, South Korea intends to expand its development aid contributions to Africa to approximately $10 billion by 2030. Additionally, the country plans to offer $14 billion in export financing to incentivize South Korean investment in Africa.
