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The Future We Make Together: Key Outcomes of the Korea-Africa Summit 2024 - The Geopolitics

The Future We Make Together: Key Outcomes of the Korea-Africa Summit 2024 - The Geopolitics
The Korea-Africa Summit 2024 underscores South Korea's strategic pivot to Africa, emphasizing mutual growth, sustainability, and peace. It's a significant step in bolstering Korea-Africa relations. #KoreaAfricaSummit

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Korea-Africa Summit 2024: A New Chapter in Bilateral Relations

The Korea-Africa Summit 2024, held in Seoul, marked a significant pivot by the Republic of Korea towards African nations. The largest multilateral summit hosted by President Yoon Suk Yeol saw participation from 48 African states. President Yoon Suk Yeol highlighted the historical solidarity between South Korea and African nations and proposed three main directions for future cooperation: shared growth through trade agreements, sustainability by combining South Korean technology with Africa’s resources and dynamic population, and solidarity in maintaining peace. The summit resulted in the signing of various trade and investment promotion frameworks and dozens of MoUs, emphasizing economic cooperation, regional economic integration, infrastructure projects, digital technologies, and addressing global challenges like climate change and food security.

The summit also launched the Korea-Africa Critical Minerals Dialogue to ensure a stable supply of critical minerals essential for green energy technologies and electric vehicle production. The leaders expressed their willingness to enhance cooperation in defense, counterterrorism, and peace support operations, as well as to expand Official Development Assistance (ODA) and provide export financing to stimulate trade and investment with Africa. The success of these initiatives will hinge on sustained political will, effective implementation of agreements, and continuous dialogue. The summit set the stage for trade opportunities vis-à-vis crucial minerals for clean energy, Hydro and Nuclear power cooperation, and technology transfer between Korea and African Nations.

The summit reflects a broader trend of increasing international engagement with Africa and lays a strong foundation for a dynamic and collaborative future. However, the success of these plans will depend on stable governments in the African continent. The proposed high-level consultative bodies and future summits will be crucial in maintaining momentum and ensuring that the partnership evolves to meet emerging challenges. The Korea-Africa Summit has promised significant strides in economic development, technological innovation, and global stability.

The views and opinions expressed in this article are those of the author, Dnyanashri Kulkarni, an Assistant Research Fellow at Public Policy Research Centre, New Delhi.