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South Korean President Yoon Suk Yeol has on Tuesday announced that the country is interested in cooperation with African nations to promote economic partnerships and trade growth.
He said this at a submit meeting with African leaders, where he announced a significant increase of $10 billion development aid for Africa over the next six years as it looks to tap the continent’s rich mineral resources and potential export market.
“We will seek sustainable ways to work together on issues directly related to future growth, such as stable supplies of key minerals and digital transformation,”Yoon said.
He pledged to further offer $14 billion in loans specifically meant to promote South Korean businesses invest and trade in Africa.
South Korea is one of the world’s largest energy buyers and is home to leading semiconductor producers which also rely heavily on energy imports,he said.
He added that South Korea has big tech companies like Hyundai looking to expand in electric vehicles, Africa could be a key partner on both fronts.
Over 30 African leaders representing 48 countries were present at the summit.
A joint statement is expected to be released soon by the South Korean president ,Yoon and the head of the African Union, Mauritania President Mohamed Ould Ghazouani.
