4-On 5 June 2024, in Seoul, the capital of South Korea, the “The Future We Create Together: Shared Growth, Sustainability and Solidarity”[1] The 1st Korea-Africa Summit, organised under the theme of “Korea-Africa Summit”, could be an important milestone in the diplomatic and economic relations between South Korea and the African continent. This summit is the first of its kind and reflects a commitment to sustainable development and shared growth by aiming to increase co-operation in various sectors such as trade, investment, health and technology.
The African continent has around 30 per cent of the globally important minerals and therefore partnerships with African countries are of great importance. In this context, other regional actors such as South Korea, India, Japan, the United Arab Emirates and Iran are also interested in Africa and are keen to capture a share of the market.
The summit is organised within the framework of the Korea-Africa Economic Cooperation, which was established to promote economic relations between the two regions. The African Development Bank (AfDB) has emphasised Korea’s role in providing infrastructure projects and financial assistance to African countries. For example, South Korean President Yoon Suk Yeol announced on the first day of the summit that Korea will increase its development assistance to Africa to $10 billion by 2030.[2] It has also pledged to provide $14 billion in export financing to promote trade and investment for South Korean companies in Africa.[3]
South Korea aims to enter a large and rapidly growing market with 1.4 billion people, mostly under the age of 25, with various needs for industrial infrastructure and digital transformation. The outcome of this summit organised by Korea, which wants to create new collaborations and relations in the continent where a significant proportion of the world’s important mines and minerals are located, will be important for both other countries and African countries. Because Africa is one of the most critical places of this century both as a continent and regionally.
On the first day of the summit, Park Jong-dae, the former South Korean ambassador to South Africa and Uganda, stated in his speech that the development models of the West and China have failed in African countries and that South Korea offers a valuable alternative path. This shows that South Korea aspires to be an alternative to China and the West and is determined to take further steps to improve its relations and co-operation with Africa.
The participation of 48 African countries shows the importance of this summit in strengthening bilateral and multilateral relations. Moreover, 33 of these 48 countries attended the summit at the level of president or prime minister. Therefore, the fact that more than half of the countries in the continent participated at the highest level is an indication of their willingness to improve relations with Seoul.
One of the main themes of the Summit is the promotion of trade and investment. South Korea sees great potential in the African Continental Free Trade Area initiative, which aims to boost intra-African trade and attract foreign investment. South Korean companies are keen to explore opportunities in sectors such as manufacturing, agriculture and technology, thanks to Africa’s rich natural resources and growing consumer market.
On the other hand, President Yoon held one-to-one meetings with 25 leaders between the summit sessions. Yoon also signed agreements in various fields with the leaders of Tanzania and Ethiopia during their pre-summit meetings. The agreement with Tanzania covers the exploration and exploitation of ocean resources and the extraction of critical minerals such as nickel, lithium and graphite in return for a concessional loan of $2.5 billion. The agreement with Ethiopia provides $1 billion in financing and covers infrastructure, health, science and technology, and urban development.[4] In addition, President William Ruto of Kenya announced that South Korea would provide them with a concessional development fund of 485 million dollars. These agreements are a clear example of Korea’s aim to increase its influence and market share in the continent.
The summit also aims to expand people-to-people exchanges and cultural ties. Initiatives such as educational cooperation, scholarships and student exchange programmes will promote mutual understanding and long-term partnerships. South Korea’s efforts in public diplomacy have been welcomed by many African countries, which have expressed continued dialogue and support from the Korean government. For example, South Korea announced the “Tech4Africa” initiative, which aims to support education and training for Africa’s youth, which was well received by participating African leaders.
Energy and climate change are also among the high priority issues on the summit agenda. During the summit, African countries agreed to lay an important institutional foundation to strengthen cooperation between the two sides by launching the “Korea-Africa Critical Minerals Dialogue”. Both regions seem keen to cooperate in renewable energy projects and sustainable development practices. South Korea’s experience in green technology and energy efficiency could provide an important and significant boost to Africa’s transition to a sustainable energy future.
On the other hand, the participation of various international organisations further emphasises the global importance of the summit. The participation of the African Union, AfDB and other international financial institutions operating on the continent also shows a desire for Korea-Africa cooperation. This multi-stakeholder approach also reveals the Korean government’s shift towards a fundamentally new policy towards the continent.
As a result, South Korea and African countries also seem optimistic about the results and deepening relations. This event is seen not only as a diplomatic engagement, but also as a commitment to a shared future of prosperity, sustainability and solidarity on all sides. The success or positive steps taken by the Korea-Africa Summit could set a precedent for other nations and regions, contributing to a more interconnected and co-operative global community. Moreover, this summit is an important event in international relations as it is the first of its kind and brings together two dynamic regions with complementary strengths and common goals. The cooperative efforts initiated at this summit will pave the way for a new era in Korea-Africa relations, aiming to stimulate economic growth, enhance cultural exchanges and tackle global challenges together.
[1] Kaourou Magassa, “Sommet Corée du Sud-Afrique: une rencontre pour dynamiser les relations politiques et économiques”, RFI, https://www.rfi.fr/fr/afrique/20240604-sommet-corée-du-sud-afrique-une-rencontre-pour-dynamiser-les-relations-politiques-et-économiques, (Access Date: 04.06.2024).
[2] Ibid.
[3] Ibid.
[4] “South Korea agrees to lend billions to Tanzania, Ethiopia”, The East African, https://www.theeastafrican.co.ke/tea/business/south-korea-agrees-to-lend-billions-to-tanzania-ethiopia-4645386, (Access Date: 04.06.2024).
