0
President Lee Jae-myung meets with ministerial-level officials from African nations and international organizations visiting South Korea to attend the Korea-Africa Foreign Ministers' Meeting at Cheong Wa Dae on the 2nd. / Photo via Yonhap News

President Lee Jae-myung met with ministerial-level delegations from 19 African nations on the 2nd and announced, "We will full-scale expand cooperation with Africa, a continent with high growth potential." He also proposed institutionalizing the Korea-Africa Summit in 2029 and holding foreign ministers' meetings on a frequent basis. This initiative is interpreted as a move to broaden the foundation of Korea-Africa trade and investment as a new pillar for Global South diplomacy and economic security cooperation.

In the afternoon, President Lee held a group reception for the African foreign ministers at the main building of Cheong Wa Dae. First, President Lee emphasized Africa's growth potential and the necessity of cooperation.

"It is regrettable that we have not fully focused on Africa's potential in the past," he noted, adding, "Since taking office, I have had a special interest in various African countries. I heard this is the first time African foreign ministers have been invited, and I look forward to having more of these official meetings in the future."

President Lee also stated that he would utilize the Korea-Africa Summit scheduled for 2029 as an opportunity to expand cooperation. "I hope the summit becomes institutionalized," he said, adding, "In the meantime, it would be beneficial to hold foreign ministers' meetings frequently to jointly explore what helps and fosters mutual cooperation." This intends to ensure that the summit-level event does not end as a one-time diplomatic fixture but extends into ministerial-level consultations and working-level cooperation.

Underlying the government's emphasis on African diplomacy is the necessity to diversify growth markets and supply chains. Africa is evaluated as a region with immense growth potential, characterized by a young population and abundant resources. Conversely, Africa's share in South Korea's trade stood at a mere 1.3% as of 2023, and its share in direct investment was also low at around 0.5%.

The government's continued emphasis on follow-up implementation since the inaugural Korea-Africa Summit in June 2024 aligns with this judgment. The joint declaration at that time included expanding the scale of Official Development Assistance (ODA) to Africa to 10 billion dollars (approximately 15.1 trillion won) by 2030, and providing export financing worth approximately 14 billion dollars (approximately 21.189 trillion won) to facilitate trade and investment in Africa by South Korean enterprises.

President Lee also presented South Korea's development experience as a cooperative asset on this day. "The Republic of Korea has come to where it is today after undergoing difficult processes since its liberation from colonial rule," he said, adding, "Let us share that experience and discuss in depth what kind of support the Republic of Korea can provide."

                                                                                                       Park Young-hoon