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The Korea-Africa business summit aims to elevate the dialogue between Korea and African nations from the ministerial to the highest levels. The two-day event gathers delegates from 48 African countries including 25 state leaders. Africa’s rich mineral resources and its potential as a vast export market are at the top of South Korea’s agenda as it hosts a summit with plans for aid on industrial infrastructure and digital transformation.
This is the largest multilateral gathering hosted by Korea under the Yoon Suk Yeol administration since its inauguration in May 2022. Under the theme “The Future We Make Together: Shared Growth, Sustainability, and Solidarity,” the major diplomatic event will gather delegations from African nations, international organizations, key figures from the Korean and international business communities, academia, and non-governmental organizations.
During the discussion sessions on Day 1, leaders will address pressing global issues such as climate change, food security, and supply chain stability. Following the summit, the Korean president, along with Mauritanian President Mohamed Ould Ghazouani, chairman of the African Union (AU), will issue a joint statement outlining key areas of cooperation.
The second day of the summit will feature a business summit, where government officials and business leaders from both regions will explore opportunities for cooperation. A business consultative session will also take place, allowing private companies from both sides to identify potential partners and forge cooperative relationships.The two-day event will also include over a dozen sideline events covering various topics, including tourism, green climate initiatives, business, health, ICT, infrastructure, agriculture, marine and fisheries, and development cooperation.
In the lead-up to the summit, Yoon held a string of bilateral meetings with around 10 African leaders on Monday, including those from Lesotho, Ivory Coast, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde, at the presidential office in Seoul. The Korean president held individual summits with the Sierra Leone leader on Friday and with the Ethiopian and Tanzanian leaders on Sunday. He is set to meet with the Mauritanian leader on Wednesday.Korea’s first-ever summit with African nations marks the pinnacle of growing partnerships between the two sides, the foreign ministry said.
In today’s world, where the influence of the Global South is increasingly significant, strengthening partnerships with African countries is not just an option but a necessity in realizing Korea’s vision of becoming a global pivotal state, the ministry said.
On the security front, the collective voice of African nations is becoming more influential on the international stage, as they comprise more than one-fourth of U.N. members. The AU recently attained permanent membership status in the Group of 20, underscoring the continent’s growing presence in key global issues.
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Seoul’s relations with African countries date back to the 1950-53 Korean War, during which African nations offered support. Ethiopia sent its Royal Guards, South Africa dispatched an air force squadron and Liberia provided logistical aid. Since then, Korea has expanded its relationships with African countries, collaborating in areas such as trade, investment, infrastructure, minerals and energy, defense, and digital technologies.
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