Adoption of Joint Declaration at Korea-Africa Summit
Establishment of Critical Minerals Dialogue and High-Level Economic Meeting
Expansion of Africa ODA to $10 Billion by 2030
President Yoon Suk-yeol is shaking hands with Mohamed Ould Ghazouani, President of Mauritania and Chairperson of the African Union (AU), after concluding the joint press conference of the 2024 Korea-Africa Summit held at KINTEX in Goyang-si, Gyeonggi Province on the 4th. [Image source=Yonhap News]
President Yoon Suk-yeol and leaders and representatives from 48 African countries met on the 4th during the Korea-Africa Summit to actively cooperate in areas such as critical mineral supply chains, North Korea and Korean Peninsula issues, food security, and trade. To this end, President Yoon has planned to increase Korea's official development assistance (ODA) to Africa to $10 billion and establish and activate initiatives such as the Critical Minerals Supply Council and the Korea-Africa High-Level Economic Cooperation Ministerial Meeting.
President Yoon and Mohamed Ould Ghazouani, President of Mauritania and Chairperson of the African Union (AU), held a joint press conference after the Korea-Africa Summit in the afternoon to announce the outcomes of the summit. The meeting was attended by leaders and representatives from 48 African countries, excluding six AU member states suspended from the African Union, as well as representatives from four international organizations including the African Development Bank (AfDB). This was the largest multilateral diplomatic meeting since the launch of the Yoon Suk-yeol administration.
At the summit, a joint declaration comprehensively addressing Korea-Africa cooperation was adopted. It includes three agendas of mutual growth, sustainability, and solidarity, and cooperation plans in seven key areas: ▲trade and investment ▲response to global challenges ▲sustainable infrastructure ▲vocational training and education ▲digital transformation (DX) and science and technology ▲mutual understanding and exchange promotion ▲peace and security.
President Yoon Suk-yeol is shaking hands with Mohamed Ould Ghazouani, President of Mauritania and Chairperson of the African Union (AU), after concluding the joint press conference at the 2024 Korea-Africa Summit held on the 4th at KINTEX in Goyang, Gyeonggi Province. [Photo by Yonhap News]
Launch of Critical Minerals Council... Stabilizing Supply Chains
First, Korea and African countries agreed to promote mutually beneficial economic cooperation. Korea will share its experience in free trade agreement (FTA) implementation and digital government operations to support the implementation of the African Continental Free Trade Area (AfCFTA), and strengthen cooperation on large-scale infrastructure such as roads, railways, bridges, ports, and airports. Cooperation in the ICT sector, where Korea has strengths, will also be expanded as a means to enhance economic cooperation. To this end, the 'Tech 4 Africa' initiative will be established.
The joint declaration also includes a commitment by Korea and Africa to jointly seek solutions to global challenges such as climate change, food security, and health and medical issues. Food security cooperation will be strengthened through agricultural and green ODA utilizing Korea’s experience and know-how, and solidarity will be built to establish climate finance structures needed by Africa.
In particular, the launch of the 'Critical Minerals Dialogue' was declared to discuss comprehensive cooperation related to critical minerals with Africa. Africa holds 30% of the world’s mineral resources, including key raw materials for the 4th industrial revolution such as nickel, chromium, manganese, bauxite, cobalt, graphite, and lithium, which is expected to greatly contribute to stabilizing Korea’s supply chains.
President Yoon explained at the joint press conference, "The Critical Minerals Dialogue will be a model case that contributes to the sustainable development of global mineral resources while seeking supply chain stability through mutually beneficial cooperation."
Efforts to Achieve Denuclearization of the Korean Peninsula... Cooperation on the International Stage
Cooperation on the international stage will also be strengthened. Africa accounts for more than one-quarter of the 193 United Nations (UN) member states, and its international influence is growing, as evidenced by the African Union joining the Group of Twenty (G20) last year. Cooperation with Africa, a core part of the Global South (developing countries located in the southern hemisphere), is important to achieve the government’s diplomatic vision of becoming a 'global pivotal state.'
Regarding the North Korea issue, Korea reaffirmed its commitment to the full implementation of UN Security Council resolutions and agreed to work together toward the complete, verifiable, and irreversible denuclearization (CVID) of the Korean Peninsula. The Presidential Office explained, "This summit signifies the elevation of Korea-Africa dialogue to the highest level and the establishment of a network at the summit level."
To implement these cooperation measures, the government plans to expand Africa ODA to $10 billion by 2030. Additionally, $14 billion in export financing will be provided to promote Korean companies’ entry into African markets. High-level consultative bodies such as the Korea-Africa Economic Cooperation Ministerial Meeting (KOAFEC) and the Agriculture Ministers’ Meeting will also be newly established or revitalized.
Korea and African countries agreed to hold a foreign ministers’ meeting in 2026 to review follow-up actions and discuss the next meeting.
President Yoon Suk-yeol is shaking hands with Mohamed Ould Ghazouani, President of Mauritania and Chairperson of the African Union (AU), after concluding the joint press conference at the 2024 Korea-Africa Summit held on the 4th at KINTEX in Goyang, Gyeonggi Province. [Photo by Yonhap News]
12 Treaties and Agreements, 34 MOUs Signed
In addition to the joint declaration, 12 treaties and agreements and 34 memoranda of understanding (MOUs) were signed at the summit. These include two MOUs on critical minerals cooperation, six on trade and investment promotion frameworks (TIPF), and two MOUs on cooperation between trade and investment promotion agencies. A declaration to commence negotiations on an Economic Partnership Agreement (EPA) was also made.
The Presidential Office stated that cooperation with Africa is essential to secure supply chains and expand markets for Korean companies. With the launch of AfCFTA, Africa has emerged as a huge single market with a GDP of $3.4 trillion and a population of 1.4 billion, and its economic growth rate is expected to reach 3.8% this year. Notably, 60% of the 1.4 billion population is under 25 years old, indicating great growth potential.
The main event, the Korea-Africa Summit, concluded with a closing ceremony on the same day. On the 5th, the '2024 Korea-Africa Business Summit,' hosted by the Ministry of Trade, Industry and Energy and organized by the Korea International Trade Association, is scheduled to be held. President Yoon said, "I hope that good results will continue at the Business Summit and various side events, bringing a successful conclusion to this summit."
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