South Korea is hosting a significant summit with African nations this week, aiming to strengthen economic cooperation and trade ties. The two-day Korea-Africa Summit in Seoul has brought together representatives from 48 African countries, including 25 heads of state. Discussions are expected to focus on expanding investment, trade, and development partnerships between South Korea and the African continent. South Korea aims to deepen cooperation with African nations to secure critical minerals like chromium, cobalt, and manganese, of which Africa holds around 30% of global reserves, to improve the resilience of its supply chains for industries like batteries and technology. It also seeks to explore sustainable cooperation in digital transformation, technology, and other areas crucial for long-term economic growth and innovation.

The summit provides an opportunity for South Korea to strengthen ties with African nations, which have been growing in strategic importance due to their vast natural resources, rapidly expanding consumer markets, and potential for economic growth. To achieve these goals, South Korea plans to increase development aid to Africa to $10 billion by 2030 and provide $14 billion in export financing to facilitate investment in the region. Additionally, agreements are expected to be signed during the summit to facilitate trade, investment, and cooperation on issues like climate change, food security, and public health. These agreements could pave the way for increased collaboration on renewable energy projects, sustainable agriculture initiatives, and healthcare infrastructure development.