New Horizons in Trade: South Korea’s Push for Deeper Ties with African Nations

On June 5, South Korean President Yoon Suk Yeol stated, “We need to dramatically increase trade and investment to reduce the economic distance between Korea and Africa.”

In his keynote speech at the Korea-Africa Business Summit held at Lotte Hotel in Seoul, Yoon said, “We will create a systematic foundation by signing the Economic Partnership Agreement (EPA) and the Trade Investment Promotion Framework (TIPF).”

Yoon also shared, “As geopolitical risks increase the uncertainty of the global supply chain, Africa’s role is receiving much attention. We hope to expand mutually beneficial resource cooperation by creating a core mineral partnership such as the Core Mineral Security Partnership (MSP).”

Yoon also expressed hope for strengthened cooperation between companies in the transition to Carbon-Free Energy (CFE) in response to climate change.

Furthermore, Yoon emphasized, “We need to join forces to eliminate the historical gap in Africa,” promising to “promote customized development cooperation that meets the needs of Official Development Assistance (ODA) donor countries.”

Yoon expressed his gratitude by saying, “The relationship between Korea and six African countries is now in its 63rd year. The relationship began with the creation of diplomatic relations in 1961. The entrepreneurial spirit of businessmen has been a valuable foundation for the Korea-Africa partnership.”

Over 400 people attended the event, including Mohamed Ould Ghazouani, Chairperson of the African Union (AU) and President of Mauritania. Other notable guests included the presidents of Côte d’Ivoire, the Central African Republic, Ghana, Botswana, Madagascar, and Guinea-Bissau. The summit was organized to discuss methods to promote economic cooperation between the two sides during the Korea-Africa Summit.

Yoon Jin Sik, Chairman of the Korea Trade Association; Moussa Faki Mahamat, Chairman of the AU Executive Committee; Wamkele Keabetswe Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA); and key people from economic sectors, including Chung Eui Sun, Chairman of Hyundai Motor Group, and Shin Dong Bin, Chairman of Lotte Group, were present at the summit.