President Yoon Suk Yeol of South Korea officially opened the Korea-Africa summit saying that the gathering marked a new era of ties with Africa.
“Today’s Summit will herald an important milestone of the new era of ties between South Korea and Africa,” Yoon told delegations of 48 African countries in the largest multilateral summit hosted by the Yoon administration.
“We hope we can briskly start our grand journey to achieve the future built together.”
President Paul Kagame of Rwanda is also attending the summit where he delivered remarks.
“Korea’s experience shows that a country can be radically transformed, in the course of a generation. Is there any explanation for why Africa has not already become a high-income continent? Africa can go much faster, and there is no better way than focusing on stability, health, education, and technology,” Kagame said.
Yoon raised the need for South Korea to sign the trade development pacts with African countries such as the Economic Partnership Agreements and the Trade and Investment Promotion Framework “in a speedy manner.”
Yoon also recognized South Korea’s move by 2030 to offer U$10 billion in development aid to Africa and extend U$14 billion in export finance to South Korean firms.
He also said South Korea will help Africa facilitate its intra-continental trade through the African Continental Free Trade Area.
