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.
President Yoon emphasized the importance of sustainable cooperation in areas such as critical minerals and digital transformation for future growth. This initiative aligns with South Korea's strategy to diversify its partnerships amid escalating tensions on the Korean Peninsula.
North Korea's recent provocations, including nuclear-capable weapons tests and hostile actions towards South Korea, have raised security concerns in the region. President Yoon urged African nations to support international efforts to pressure North Korea and uphold peace on the Korean Peninsula.
While North Korea seeks to strengthen ties with countries like Russia, China, and Iran, South Korea aims to collaborate with African nations to counter Pyongyang's destabilizing activities. Despite North Korea's historical relations with some African countries, concerns persist over illicit revenue generation through prohibited activities like weapons sales and infrastructure projects.
President Yoon reiterated South Korea's commitment to implementing U.N. Security Council resolutions and working with African partners to safeguard regional and global peace. As the geopolitical landscape evolves, South Korea's engagement with Africa underscores a strategic shift towards fostering sustainable development and security cooperation in the face of emerging challenges.
