Forty-eight African leaders have converged in South Korea for the Korea-Africa summit, including Kenya’s President William Ruto, Rwanda’s Paul Kagame, and Tanzania’s Samia Suluhu. High on South Korea’s agenda are Africa’s rich mineral resources and its vast export market potential. The summit will discuss aid for industrial infrastructure and digital transformation.
President Yoon Suk Yeol’s deputy national security adviser, Kim Tae-hyo, emphasized Africa’s strategic importance, stating that cooperation with Africa is not just a choice but a necessity for South Korea to advance its industrial ambitions. “Africa is a crucial partner,” Kim said. “Africa’s strategic importance has never been greater.”
The summit on Tuesday features at least 30 heads of state and delegations from 48 countries. President Yoon and African Union Chair, President Mohamed Ould Ghazouani of Mauritania, will issue a joint statement. On Wednesday, South Korean business leaders will host a business summit focusing on investment, industrial development, and food security.
Topics of mutual interest, such as trade promotion, industrialization, infrastructure development, and job creation, will be key discussion points during the summit. According to Kenya’s State House, additional discussions will address agricultural productivity, climate change response, and the transition to carbon-free energy. These align with President Ruto’s roles as the African Union Champion for Institutional Reform and the Chair of the Committee of African Heads of State and Government on Climate Change.
President Ruto will hold bilateral talks with President Yoon Suk Yeol to review the status of the Kshs 132 billion Framework Arrangement partnership established during his previous visit in November 2022. Fresh from a trip to the United States, where he secured Ksh.52 billion in multiple deals, President Ruto will sign agreements worth Kshs 40 billion to create opportunities in Kenya’s creative economy during his Korea visit.
Tanzania announced plans to 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.
South Korea is keen to tap into Africa’s vast and fast-growing market, home to 1.4 billion people, most of whom are under 25, educated and tech-savvy.