President Yoon Suk Yeol said on Tuesday that South Korea aims to ride out crises and pursue prosperity through partnership with Africa. 

The president made the statement in his opening remarks for the 2024 Korea-Africa Summit in Ilsan, Gyeonggi Province, saying that challenges such as climate change, pandemics, natural disasters, food crises and supply chain instability can only be overcome through international cooperation and solidarity.

The two-day summit kicked off on Tuesday under the theme of “The Future We Make Together: Shared Growth, Sustainability, and Solidarity,” bringing together delegations from 48 African countries. 

President Yoon stressed the need for “shared growth” to realize the future South Korea and Africa make together, calling for the establishment of institutions to promote bilateral exchanges and cooperation. 

To that end, Yoon said that South Korea and Africa need to accelerate efforts to conclude Economic Partnership Agreements(EPAs) and Trade and Investment Promotion Frameworks(TIPFs).

The president also vowed to increase the country’s official development assistance for African countries to ten billion dollars by 2030 to further promote cooperation with Africa. 

Yoon said South Korea will work together with African nations to ensure the supply chains of critical minerals are resilient and to address climate change, food security and public health issues.

Yoon also said that Africa is young, dynamic and rich in resources, while South Korea has advanced technology and a diverse range of experiences, and if they combine their strengths and find sustainable solutions, they can overcome global challenges and crises together. 

President Yoon plans to jointly announce the outcome of the discussions with President Mohamed Ould Ghazouani of Mauritania, the chair of the African Union.