President Yoon Opens Inaugural Korea-Africa Summit In Seoul, Africa’s rich mineral resources and potential for export market at the top of Korea’s agenda

President Yoon Suk Yeol in a group photo with African leaders during the opening of the the maiden Korea-Africa Summit in Seoul on Tuesday, June 4, 2024

Source: Africa Publicity

The President of South Korea, Yoon Suk Yeol, has opened the inaugural Korea-Africa Summit in Seoul, the capital city of South Korea.

The high-profile Summit opened on Tuesday, June 4, 2024.

About 30 heads of state, as well as business leaders and government officials from 48 countries including Tanzania President, Samia Suluhu Hassan,Cote D’Ivoire President, Alassan Ouattara, Uganda Vice President, Jessica Alupo, are attending the high-profile Summit.

Africa’s rich mineral resources and its potential as a major export market are at the top of South Korea’s agenda as it hosts the summit.

The summit is being held with plans of aid on industrial infrastructure and digital transformation.

Earlier, President Yoon’s office announced that he and the Chair of African Union and President of Mauritania, Mohamed Ould Ghazouani, will issue a joint statement.

Also, on Wednesday, June 5th, Korean business leaders will host a business summit focused on investment, industrial development and food security.

President Yoon has since Friday been holding meetings with the Presidents of Tanzania, Ethiopia, Sierra Leone, Zimbabwe, Rwanda, Togo, and Mozambique.

Loans galore

According to Tanzania, it would borrow $2.5 billion over the next five years from South Korea through concessional loans, while Ethiopia signed a $1 billion financing deal over four years for infrastructure, science and technology, health and urban development. Other African countries are likely to announce borrowings from Korea by the close of the summit.

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