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With the conclusion last Wednesday, June 5, 2024, of the first-ever South Korea-Africa summit attended by no fewer than 30 African heads of state and South Korea’s President Yoon Suk Yeol, the big question on the lips of many analysts is whether a new chapter has been opened in the relations between the Republic of Korea and Africa, which began in the 1950s.
However, it would appear the situation is about to change. At last week’s two-day summit, held in Seoul, South Korea’s capital, important agreements were signed between South Korea and Africa, and pledges of economic cooperation and assistance were made.President Yeol and the leaders of African countries agreed to forge deeper trade and business cooperation. They also resolved to launch a “critical minerals dialogue,” which will be convened later this year.
On their part, the African leaders praised Korea for its open and mutual approach to strengthening cooperation with the continent based on shared prosperity. They highlighted investment opportunities in their own countries and across the continent.
He spoke of the country’s readiness to boost trade and commerce, saying under President Tinubu, the country has put in place the right policies to engender a favourable business environment for foreign investors. “The IMF-approved $20 billion limit for SDR re-channelling for hybrid capital, channelled through the African Development Bank and other multilateral development banks, will deliver $80 billion of new financial support.”Rwanda’s President Paul Kagame said Korea’s experience had shown that a country could be radically transformed in the course of a generation.
Former secretary to Edo state government Taiwo Akerele who attended the summit said the country’s delegation also had high-level side events that featured Nigerian organisations such as the Nigerian Export Promotion Council , Nigerian Upstream Petroleum Regulatory Commission , etc.
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