The Korea-Africa Summit 2024, themed “The Future We Make Together: Shared Growth, Sustainability and Solidarity,” was held in Seoul and the Ilsanseo-gu District of Goyang, Gyeonggi-do Province, June 4-5.

Korea-Africa Summit welcome dinner (Courtesy of the Office of the President)

Through the summit, Korea aimed to strengthen economic ties with Africa by supporting the continent’s progress and development through investments in its industrial infrastructure and assisting with advancements in digital technology there.

Delegations from 48 countries, including 25 heads of state, attended the June 4 summit. President Yoon and Chairman of the African Union Mohamed Ould Ghazouani, who is currently President of Mauritania, also issued a joint statement.

African leaders talk with President Yoon Suk Yeol (right) and former United Nations Secretary-General Ban Ki-moon (left). (Courtesy of the Office of the President)

Meanwhile, the Korea-Africa Business Summit, held in Seoul on June 5, focused on investment, industrial development and food security.

Korea is a major player in the global energy market, particularly with the transition to electric vehicles, as it boasts top semiconductor manufacturers and the world’s fifth largest automaker. Before the summit, the Office of the President emphasized the importance of partnering with Africa, a region that holds 30 percent of the world’s critical minerals such as chrome, cobalt and manganese.

African leaders talking with President Yoon Suk Yeol (right) and former United Nations Secretary-General Ban Ki-moon (left). (Courtesy of the Office of the President)

In the run-up to the summit, President Yoon also held meetings with the leaders of Sierra Leone, Tanzania and Ethiopia, along with the heads of state of Zimbabwe, Togo, Rwanda and Mozambique to discuss partnerships. 

Tanzania announced plans to secure USD 2.5 billion in concessional loans from Korea within the next five years, whereas Ethiopia finalized a USD 1 billion financing agreement spanning four years to support various sectors, including infrastructure, science and technology, health and urban development.

The summit’s official welcome dinner was held at The Shilla Seoul. (Courtesy of the Office of the President)  

All of this shows that Korea is making a strong push to tap into Africa’s large and fast-growing market. Africa has the fastest-growing population in the world; most of its 1.4 billion inhabitants are under the age of 25. Korea is offering support in industrial infrastructure and digital transformation to help the continent develop and plans to sign agreements with different countries to improve commerce and customs management, creating more opportunities for investment and trade. 

Reflecting the important ties between Korea and Africa, the Joint Declaration released through the summit emphasized that all parties are determined “to build a future together based on a strong and mutually beneficial partnership structured around three pillars: Shared Growth, Sustainability and Solidarity.” The declaration went on to “acknowledge the significant role of Africa for sustainable global economic development” and noted the “role played by Korean companies in the construction of sustainable infrastructure in Africa.” It also highlighted “efforts to enhance people-to-people exchanges, sharing the view that active exchanges between the two sides contribute to increasing mutual understanding.” 

Prior to the summit, Korea hosted the 2024 Africa Culture Festival in Gwanghwamun Square to showcase African culture and food. In Africa, activities such as Korean cultural festivals, K-pop concerts and Korean language lessons have gained popularity. All of this underlines the importance of increasing cultural exchanges, as they serve to contribute to expanding shared economic and cultural ties between Korea and Africa.