An important meeting is happening in South Korea this week. It is called the Korea-Africa Summit. Leaders from 48 African countries are attending the two-day event in Seoul, the capital city of South Korea. The main goal is to make economic cooperation and trade between South Korea and African nations stronger.

During the summit, discussions will focus on increasing investment, trade, and development partnerships between South Korea and African countries. South Korea wants to secure critical minerals like chromium, cobalt, and manganese from Africa, which has around 30% of global reserves, to bolster its supply chains for industries like batteries and technology. Additionally, it seeks to explore sustainable cooperation in areas like digital transformation, technology, and other sectors 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. Agreements are expected to be signed during the summit to facilitate trade, investment, and cooperation on issues like climate change, food security, public health, renewable energy projects, sustainable agriculture initiatives, and healthcare infrastructure development.