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South Korea Pledges $24 Billion to Boost African Trade and Mineral Cooperation

President Yoon Suk-yeol announces major aid and investment plans to strengthen economic ties and secure critical minerals from Africa.

South Korean President Yoon Suk-yeol (centre, front row) poses with African leaders at the 2024 Korea-Africa Summit in Seoul on Tuesday. Photo: EPA-EFE/YONHAP
South Korean President Yoon Suk Yeol, center, speaks during the opening ceremony of the 2024 Korea-Africa Summit in South Korea, Tuesday, June 4, 2024. (Hang Kwang-mo/Yonhap via AP)
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Overview

  • South Korea will double its development aid to Africa to $10 billion by 2030.
  • An additional $14 billion in export financing will support South Korean businesses in Africa.
  • A 'Critical Minerals Dialogue' has been launched to ensure a stable supply chain.
  • Agreements aim to enhance cooperation in infrastructure, technology, and food security.
  • South Korea seeks to learn from Africa's young population and untapped resources.