At the 2024 Korea-Africa Business Summit, the African Continental Free Trade Area (AfCFTA) Secretariat signed a memorandum of understanding (MoU) with the Korea International Trade Agency (KITA). This agreement aims to establish the Korea-Africa Economic Committee, designed to foster cooperation and enhance business relations between South Korea and Africa.
The MoU focuses on several key objectives, enhancing intra-African trade with South Korea, building productive capacities and developing regional value chains in both Africa and Korea, promoting inclusivity and sustainability in both regions, and strengthening trade-related, investment governance, and institutional frameworks.
During the summit, Secretary-General Wamkele Mene participated in a panel discussion with African and Korean business leaders. The discussion was on policy frameworks, investment opportunities, and collaborative initiatives, highlighting efforts to support industrialisation and investment promotion between the two regions.
President Yoon Suk Yeol announced a significant increase in aid and investment for Africa. This move aims to strengthen trade ties with the continent. Hosting delegations from 48 African countries, the summit focuses on securing deals in areas such as critical minerals and infrastructure projects.
At the event’s opening, President Yoon pledged to double South Korea’s official development aid to Africa, reaching $10 billion by 2030. Additionally, $14 billion will be provided in export financing to help Korean firms expand trade and investment in Africa. Yoon stated, “We will actively contribute to Africa’s regional economic integration efforts through the African Continental Free Trade Area (AfCFTA), which was launched in 2019.”
This initiative marks a significant step in deepening economic relations and fostering sustainable growth between South Korea and Africa.
