SEOUL, KOREA – The President of the Republic of Korea, Yoon Suk Yeol, wants his country to expand trade and investment with Africa through a series of agreements.
Some of these include Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs).
Speaking at the 2024 Korea-Africa Summit yesterday, he pledged support for Africa’s efforts towards regional economic integration through the African Continental Free Trade Area (AfCFTA) that was launched in 2019.
“In terms of trade, we will speed up the signing of EPAs and TIPFs. On the investment front, we will expand investment protection agreements to promote exchanges between the two countries’ companies,” said Yoon.
He stated that South Korea will expand its official development assistance (ODA) to approximately USD 10 billion by 2030 and provide export financing of about USD 14 billion to help Korean companies expand trade and investment in Africa.
The African leaders joining
the host, South Korean President
and representatives of international
organizations for a photo shoot.
Yoon said South Korea will work with African nations to ensure resilient supply chains of critical minerals and digital transformation, as well as address climate change, food security and public health issues.
“We will seek sustainable cooperation solutions for issues directly related to future growth, such as the stable supply of critical minerals and digital transformation,” Yoon said.
The Korean president also stressed the importance of coordination with African nations on the global stage amid heightened tension on the Korean Peninsula following a series of North Korea’s provocations, including its campaign of sending balloons carrying trash into South Korea.
“Together with our friends in Africa, South Korea will rigorously implement U.N. Security Council resolutions and work to safeguard peace on the Korean Peninsula and in the international community,” he said.
