The government of South Korea has pledged to expand its Official Development Assistance (ODA) to Africa up to US$10 billion by 2030, alongside US$14 billion in export financing to encourage Korean businesses to invest in Africa.
To support these ambitious goals, the declaration signed between Korea and the African countries also established mechanisms for regular review and support of summit commitments, including high-level consultative bodies and a mid-term Foreign Ministers’ Meeting in 2026.
The joint declaration from the Korea-Africa Summit marks a significant step towards a future of shared growth, sustainability, and solidarity, setting a robust foundation for deepened cooperation between Korea and Africa in the years to come.
The first Korea-Africa Summit brought together several African leaders and diplomats in Seoul, South Korea with the adoption of a landmark joint declaration titled “The Future We Make Together: Shared Growth, Sustainability, and Solidarity.”
The groundbreaking event, which ended on June 6, 2024, also witnessed the presence of South Korea President, representatives from the African Union (AU) and the African Development Bank (AfDB) among others.
The summit however underscored the evolution of Korea-Africa relations, which trace back to the 1950s during the Korean War, as the declaration highlighted the necessity for a new strategic cooperation framework built on mutual trust and shared historical experiences.
Also, both parties acknowledged the need for strengthened relations in light of current global challenges such as climate change, conflicts, food and energy crises, and supply chain disruptions.
Key to the declaration is the emphasis on shared growth as both regions acknowledged the significant potential for cooperation, with Korea committed to supporting Africa’s industrialization.
The summit also stressed the importance of enhancing economic frameworks like Economic Partnership Agreements (EPAs) and Double Taxation Avoidance Agreements (DTAAs) as Korea pledged to share its expertise from concluding numerous Free Trade Agreements (FTAs) to aid Africa’s efforts in establishing a single market through the African Continental Free Trade Area (AfCFTA).
The summit recognized the critical role of building quality infrastructure, including roads, railways, and smart cities, to boost Africa’s economic development.
Korea’s experience in digital technology was also highlighted, with commitments to integrate these technologies into various sectors such as agriculture and healthcare.
On sustainability, the summit addressed urgent issues like climate change, food insecurity, and health crises. Both sides committed to advancing cooperative endeavors in climate action, promoting clean energy, and enhancing food security through advanced agricultural technologies.
Korea expressed support for Africa’s efforts in sustainable development, including climate finance and land conservation as the declaration highlighted the need for a unified response to health crises, emphasizing cooperation in healthcare infrastructure, vaccine access, and disease surveillance.
Recognizing Africa’s rich mineral resources, the summit launched the Korea-Africa Critical Minerals Dialogue to ensure a stable supply of critical minerals essential for future industries. Solidarity formed the third pillar of the declaration, with a focus on peace and stability as essential for Africa’s vision of prosperity.
Korea committed to enhancing cooperation in defense and public security, supporting African peace operations, and counterterrorism efforts. The summit also called for increased people-to-people exchanges to foster mutual understanding and collaboration.
Plans were laid out to boost exchanges in culture, education, and tourism, alongside enhancing air connectivity and collaboration between local governments and research institutions.
The visit of President Boakai to South Korea has led to a significant milestone as the National Investment Commission, the Ministry of Foreign Affairs, and the Ministry of Agriculture have signed seven Memoranda of Understanding with Korean multinational companies.
These agreements, according to the Liberian government through the Executive Mansion press release are poised to bring about substantial improvements and developments in key sectors.
These MOUs will ensure a more robust and reliable energy sector through the provision and development of solar energy power plants, investment in agricultural research to enhance food productivity and seed development, and the supply of prepaid meters to facilitate easy and unhindered access to water supply.
These MOUs involve significant investments in the financial sector and job creation ventures, among several other impactful initiatives, to be initiated/implemented in Liberia for the common good of the country and its citizenry.
The involved companies, include but not limited to, Daehan Smart Meter Co., Samdo Electric Energy, Korea-Agro Fisheries and Food Trade Corporation, Korea SOiVA R&D, the Africa-Korea Economic Development Association, and the MAKE Group, are aligned and committed to making a substantial difference.
Speaking on behalf of the Liberian Government, Foreign Minister, Sara Beysolow Nyanti, conveyed unwavering confidence and enthusiasm in the robust engagement of the delegation as these were also an outcome of the preparatory meetings and the business and investment roundtables.
“This underscores the promising potential of the signed memoranda and the government’s commitment to their successful implementation of these MOUs in the soonest possible time for the benefit of the country,” the Foreign Minister registered.
Minister Nyanti also expressed profound gratitude to the Korean business leaders and the government of Korea for their indispensable support throughout the process.
In separate remarks, President Joseph Boakai reiterated his steadfast commitment to improving the livelihood of the Liberian people.
He firmly believes that once implemented, the signed memoranda will not only create job opportunities and positively impact the livelihoods of the citizens but will also open up the country to promising opportunities, ultimately establishing Liberia as a key investment and tourism destination.
President Boakai then expressed profound gratitude to his counterpart, President Yeol and members of the Korean government, and the business community for the exceptional support they provided his team during the weeklong visit and look forward to continued engagement and follow-ups.
President Boakai and his delegation over the weekend, June 8, 2024, happily return to Liberia after an extraordinarily successful weeklong visit to Seoul, South Korea to participate in the Korea-Africa Summit.
President Boakai was invited to Korea by the Korean leader, President Yoon Suk Yeol, to attend the inaugural edition of the Korea-Africa Summit held from June 4-5, 2024, and brought together Heads of State from Africa, high-level business leaders, the President and members of Korean Government, and many others.
