South Korea is stepping up its economic engagement with Africa. It hosted the very first Korea-Africa Summit in June where it committed to increase its official development assistance for Africa to US$10bn by 2030. Additionally, the Seoul pledged US$14bn in export financing to support Korean firms do business in Africa. A total of 12 agreements and 34 memorandums of understanding were signed at the summit, covering sectors including energy, minerals, infrastructure, and manufacturing. The summit was attended by over 25 African heads of state. Although South Korea has been somewhat late at recognizing the economic potential of Africa, trade has reached nearly US$20bn. In 2023, Korea promised US$6bn in financial aid package to Africa, which was to be used for the energy transition, agricultural innovation, and knowledge development by 2025.

Source: NTU Center for African Studies