Representatives from 48 African nations are attending the first-ever Korea-Africa summit. The 2-day talks which opened on Tuesday (Jun. 3) are expected to focus on trade, technology and investment.
South Korean officials say expanding ties in the area of minerals and resources would help improve the country’s supply chain resilience in key industries such as batteries.
“In order to boost cooperation with Africa, South Korea will expand ODA (Official Development Assistance program) to around 10 billion dollars until 2030. Also in order to encourage South Korean trade and investment in the region, South Korea will provide 14 billion dollars in export financing.”
Trade with African nations currently accounts for less than 2% of South Korea’s total imports and exports.
South Korea’s outreach to the continent comes at a time when neighbour North Korea seeks to break out of diplomatic isolation.