June 25, 2024

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First Korea-Africa Summit: Towards Shared Growth, Sustainability and Solidarity for a Strengthened Partnership.

First Africa-Korea Summit “Building Our Future Together: Shared Growth, Sustainability, and Solidarity” Seoul, June 4-6, 2024 The Senegalese delegation led this strategic meeting, comprised of ministers from the Republic of Senegal in charge of Economy, Agriculture under the direction of Madame Yassine Fall, Minister of African Integration and Foreign Affairs. The Summit has given a new impetus to the partnership between South Korea and Africa to build a strong, balanced, mutually beneficial cooperation based on trust, respect for the sovereignty of each Party, and shared interests. The Republic of Korea intends to support Africa in cutting-edge technology for industrialization of the continent, achieving food security, developing a high-performance healthcare system, building sustainable infrastructure, and establishing a suitable education system. The Republic of Korea also aims to significantly increase its investment volume in Africa and support the implementation of the African Continental Free Trade Area (AfCFTA). In this regard, the President of the Republic of Korea announced an increase in development support to 10 billion US dollars by 2030 and export financing of 14 billion US dollars to encourage Korean companies’ investment in Africa. The Declaration thus adopted is a commitment from Korea and African countries to work together for the creation of wealth and prosperity on both sides. It must now be accompanied by a relevant, realistic and effective Action Plan and a monitoring and evaluation mechanism to ensure tangible results. Korea is a leading partner and faithful friend of Senegal. Korean investments in our country focus on priority areas such as agriculture with the K-Rice Belt Initiative for achieving self-sufficiency in rice and agricultural mechanization, maritime and river transport, education, and health. It is hoped that this Summit, full of hope for development, will lead to a win-win cooperation and active solidarity. The first Africa-Korea Summit marked a significant milestone in the partnership between South Korea and Africa. With the theme of “Building Our Future Together,” the Summit aimed to strengthen the ties between the two regions, with a focus on shared growth, sustainability, and solidarity. The presence of the Senegalese delegation, led by high-level government officials, highlights the importance and commitment of African countries in working closely with Korea.The Declaration adopted at the Summit reflects the shared aspirations of Korea and African nations to build a mutually beneficial partnership based on trust and respect. Korea’s commitment to supporting Africa’s development through investments, technology transfer, and other initiatives is commendable. The increase in development support and export financing announced by the President of Korea demonstrates a deep commitment to the continent’s growth.Korea has been a steady partner of Africa for many years, with investments spanning various sectors, including agriculture, infrastructure, and education. The success of the K-Rice Belt initiative in Senegal, aimed at increasing rice self-sufficiency, is a testament to Korea’s expertise and commitment to supporting Africa’s development. With this new wave of investments and collaborations, Korea and Africa can build a stronger and more sustainable partnership in the years to come.The Summit also highlighted the importance of the African Continental Free Trade Area (AfCFTA) and Korea’s support for its implementation. With the AfCFTA promising to create a single market for goods and services across 54 African countries, Korea’s involvement will be crucial in ensuring its success. This will not only increase trade between Korea and Africa but also enhance intra-African trade, leading to economic growth and job creation.In conclusion, the first Africa-Korea Summit has laid a strong foundation for closer and more significant cooperation between Korea and Africa. With commitments made and partnerships forged, this Summit is a promising step towards shared growth, sustainability, and solidarity between two regions with great potential
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