South Korean President Yoon Suk Yeol on Tuesday says the country will step up cooperation with African nations to secure a stable supply of critical minerals and speed up negotiations to promote economic partnerships and trade.
Hosting a first-ever summit with the leaders of 48 African countries, Yoon said South Korea will increase development aid for Africa to ten billion Dollars over the next six years as it looks to tap into the continent’s rich mineral resources and potential as a vast export market.
Yoon also pledged to offer fourteen billion Dollars in export financing to promote trade and investment for South Korean companies in African countries.
At least thirtyheads of state are attending the summit, with delegations from forty eight countries participating.
Yoon and the chair of the African Union, Mauritania President Mohamed OuldGhazouani, are due to issue a joint statement, Yoon’s office said.