Seoul signs 12 agreements during the Korea-Africa summit

Seoul – (dpa)

South Korea signed 12 agreements and 34 memorandums of understanding with African countries, on the sidelines of the Korea-Africa summit, with the aim of enhancing cooperation with the resource-rich continent in various fields, according to what the presidential office said yesterday.
South Korean Yonhap News Agency reported that delegations from 48 African countries visited South Korea to attend the two-day summit, which focuses on expanding trade and cooperation in areas including vital minerals, development aid, infrastructure and digital transformation. The deals include the signing of two memorandums of understanding on cooperation in the field of major minerals, 6 trade and investment promotion frameworks, 3 memorandums of understanding on cooperation in infrastructure and mobility, and agreements on the Economic Development Cooperation Fund, which provides low-interest loans. It is noteworthy that the summit is the first hosted by South Korea related to African countries, and it is also the largest multilateral summit since the Yoon Seok-yeol administration took office in May 2022. “The summit raised the Korea-Africa dialogue to the highest level and established a close network at the leadership level,” the presidential office said.
South Korea explored ways to strengthen economic relations and coordination on international issues with Africa as part of its vision to play a greater role on the global stage. The presidential office said, “Cooperation with Africa is no longer an option, but rather an imperative necessity to secure supply chains and pave the way for expanding the foothold of Korean companies in the market.”