Yoon: "Africa ODA to Reach $10 Billion... Providing $14 Billion Export Financing for Korean Companies"

Opening of Korea-Africa Summit... Yoon "Mutual Cooperation"
Korean Advanced Technology Combined with African Resources to Overcome Crisis
Yoon "Implementation of Security Council Resolutions with African Countries"

President Yoon Suk-yeol is delivering the opening address at the opening ceremony of the Korea-Africa Summit held at the 2024 Korea-Africa Summit Hall on the 4th. [Image source=Yonhap News]

President Yoon Suk-yeol announced on the 4th that South Korea will increase its official development assistance (ODA) to African countries to $10 billion and strengthen cooperation in the critical minerals sector. He also stated that export financing support will be expanded to $14 billion to enable Korean companies to actively enter the African market.

At the opening ceremony of the Korea-Africa Summit held in Gyeonggi Province on the same day, President Yoon said, "The Republic of Korea aims to overcome today's crisis and create tomorrow's prosperity together through a win-win partnership with Africa."

In his opening remarks, President Yoon mentioned three directions of the "Future Made Together," which will serve as the grand principles of Korea-Africa cooperation: "mutual growth," "sustainability," and "solidarity."

First, regarding mutual growth, President Yoon said, "To ensure that not just one side but all of us grow together, we must strengthen the institutional foundation for smooth exchanges and cooperation." He emphasized that in terms of trade, the Economic Partnership Agreement (EPA) and Trade and Investment Promotion Framework (TIPF) should be pursued with a sense of urgency, and in terms of investment, expanding investment protection agreements is necessary to promote active exchanges between companies on both sides.

In particular, President Yoon pledged to support Africa's efforts toward regional economic integration through the African Continental Free Trade Area (AfCFTA), which was launched in 2019. To this end, he announced plans to expand ODA to Africa to about $10 billion by 2030 and provide approximately $14 billion in export financing to promote trade and investment by Korean companies in Africa.

Regarding sustainability, he explained that combining Korea's advanced technology and experience with the resources and dynamism of African countries is essential to jointly overcome ecological disruption caused by climate change, food crises, global pandemics, and supply chain disruptions.

President Yoon said, "If we combine our strengths well and find sustainable solutions, we can overcome global challenges and crises together," adding, "Korea will continue to expand the 'Green Ladder' and respond to the climate change crisis together with African countries."

President Yoon Suk-yeol is delivering the opening address at the opening ceremony of the Korea-Africa Summit held at the 2024 Korea-Africa Summit venue on the 4th. [Image source=Yonhap News]

President Yoon also pledged to strengthen Africa's food security capabilities. He plans to actively promote the transfer of agricultural technology and rural community revitalization projects, and contribute to improving food self-sufficiency through the expansion of the K-Rice Belt project. He added, "We will also seek sustainable cooperation measures on issues directly related to future growth, such as the stable supply of critical minerals and digital transformation."

Finally, regarding solidarity, he explained, "We will actively participate in efforts to strengthen peace and security in Africa and further enhance cooperation with Africa on the international stage."

President Yoon said, "The Republic of Korea vividly remembers how the United Nations (UN) and the international community traveled a long way to protect our freedom in the past," and added, "Over the next two years, as a non-permanent member of the UN Security Council, we will strive even more to promote global peace."

On the same day, President Yoon referred to North Korea's successive military provocations and emphasized that South Korea will cooperate more closely with African countries on North Korean issues.

President Yoon said, "Since May last year until early last week, North Korea has launched military reconnaissance satellites four times and continues various missile launch tests, and in recent days, it has carried out extremely irrational provocations such as sending balloons carrying waste to our country one after another," adding, "We will work with our friends in Africa to thoroughly implement UN Security Council resolutions and protect peace on the Korean Peninsula and in the international community."

The Korea-Africa Summit, held from the 4th to the 5th, is attended by 48 African countries. President Yoon plans to hold bilateral talks with leaders from 25 of these countries to discuss cooperation measures in trade, security, infrastructure, and other fields. Africa is expected to play an important role in the future global economy and security as it is a young continent with a median age of 19 and abundant critical mineral resources such as platinum, manganese, and cobalt.