Seoul is hosting delegations from 48 African countries for a major summit this week
Vows to 'accelerate agreements' on multiple other trade partnershipsSEOUL – President Yoon Suk Yeol on Tuesday announced billions of dollars in new aid and investment support for Africa , as South Korea looks to boost trade ties with the continent.
At the opening of the event, Yoon pledged that the South Korean government would double its current official development aid to Africa to $10 billion by 2030, and would also provide $14 billion of export financing to help Korean firms expand trade and investment across the continent. The AfCFTA is styled as the biggest free-trade accord in the world in terms of population – gathering 54 out of 55 African countries, with Eritrea the only holdout.While South Korea is eager to expand infrastructure and energy cooperation with African nations, Yoon said the East Asian country was mindful of the impact of climate change on the continent.
Critical Minerals South Korea Africa African Continental Free Trade Zone Afcfta Olkaria Climate Change Infrastructure Development
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