- Commits to increasing ODA to US$10 billion by 2030
- Additional US$14 billion in export financing
The first Korea-Africa Summit concluded with a resounding commitment to strengthening economic ties between the two regions.
The Summit marks a significant milestone in the evolving partnership between the two regions. With a clear roadmap, both sides, Korea and Africa are poised to unlock new opportunities for shared growth and prosperity in the years ahead.
In a joint declaration, the leaders emphasized the “need to forge a new strategic cooperation between Korea and Africa drawing upon the uniqueness of the partnership between the two sides and based on mutual trust, solidarity and similar historical experiences.”
Held under the theme “The Future We Make Together: Shared Growth, Sustainability, and Solidarity,” the summit brought together leaders from Korea, African nations, the African Union, and the African Development Bank to chart a new course for economic cooperation.
This sentiment set the stage for a series of initiatives aimed at boosting trade, investment, and shared economic growth.
The summit outlined concrete steps to implement and expand the economic partnership. Korea committed to increasing its Official Development Assistance (ODA) to Africa to US$10 billion by 2030, providing a catalyst for cooperation projects. An additional $14 billion in export financing will be made available to Korean companies by 2030 to encourage their activities in Africa and stimulate trade and investment.
The declaration also called for strengthening existing cooperative mechanisms such as the Korea-Africa Economic Cooperation (KOAFEC) Conference and Korea-Africa Agriculture Ministers Meeting, while establishing new high-level consultative bodies like the Customs Commissioners Meeting and Chief Statisticians Meeting.
“To facilitate cooperation discussed at this Summit, Korea will continue to expand Official Development Assistance (ODA) up to US$10 billion by 2030 as a catalyst for projects for cooperation with Africa, including through the expansion of EDCF Framework Arrangement(F/A) and grants. Moreover, approximately US$14 billion in export financing will be provided to Korean companies by 2030 to encourage their activities in Africa, thus stimulating trade and investment with Africa,” the declaration stated.
Central to the economic partnership is the establishment of institutional frameworks such as Economic Partnership Agreements (EPAs), Trade and Investment Promotion Frameworks (TIPFs), Double Taxation Avoidance Agreements (DTAAs), and Investment Protection Agreements (IPAs). These mechanisms are designed to “facilitate mutual access for each other’s products to their respective markets,” according to the declaration.
Korea also pledged support for Africa’s ambitious integration efforts through the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS). Drawing on its own experience with free trade agreements, Korea offered to share lessons learned and build capacity in customs authorities and origin management systems.
“Korea, being deeply aware of the importance of international trade, is willing to share the lessons learned from the experience of concluding a number of Free Trade Agreements (FTAs), in particular to help in building the capacity of customs authorities and establishing One-stop Origin Management System(OOMS) as part of the efforts to strengthen economic cooperation with the African continent to a higher level,” the declaration stated.
Infrastructure development emerged as another key pillar of the economic partnership. The leaders stressed the importance of “quality, reliable, sustainable and resilient infrastructure projects in Africa that has a substantial economic impact.”
Areas of focus include roads, railways, bridges, ports, airports, dams, seawater desalination plants, and electricity and water management systems. The declaration also noted the potential for collaboration in smart infrastructure fields such as smart cities and intelligent transportation systems, where Korea has a competitive edge.
Looking to the future, as a first step in reviewing progress, the leaders tasked the Foreign Ministers’ Meeting in 2026 with comprehensively evaluating the summit’s outcomes and discussing the way forward, including the possibility of holding another summit.
Below is the full text of the Joint Declaration 2024 Korea-Africa Summit
We, the Heads of State and Government and Heads of Delegation of African countries; the President of the Republic of Korea; and the representatives of the African Union and its institutions and representative of the African Development Bank (AfDB), met in the Republic of Korea (hereinafter referred to as ‘Korea’), on June 4, 2024 for the first Korea-Africa Summit, under the theme: “The Future We Make Together: Shared Growth, Sustainability, and Solidarity”.
We note with high regard that Korea-Africa relations, which started from the 1950s with the invaluable participation and support of some African countries during the Korean War, have developed into a mutually beneficial relationship. We share the view that there is a need to forge a new strategic cooperation between Korea and Africa drawing upon the uniqueness of the partnership between the two sides and based on mutual trust, solidarity and similar historical experiences.
Witnessing rapid changes in the international arena and the emergence of complex challenges including climate change, conflicts, food insecurity, health crises, energy crises and supply chain disruptions, which have underscored the importance of deepening international cooperation and solidarity, we wholeheartedly welcome the timely holding of the Korea-Africa Summit.
In this regard, while noting the commonalities and complementarity between Korea’s vision of serving as a ‘Global Pivotal State’ and Africa’s vision of an integrated, prosperous and peaceful Africa, as encapsulated in the African Union’s ‘Agenda 2063’, we determine to build a future together based on a strong and mutually beneficial partnership structured around three pillars : Shared Growth, Sustainability, and Solidarity.
Shared Growth
Recognizing the dynamism in Korea and Africa, and the great potential for cooperation between the two sides, we emphasize the importance of Korea’s efforts to support Africa’s industrialization, and the need to foster mutually beneficial trade and investment and strengthen Korean-African business partnership. In this context, we emphasize the need to strengthen institutional frameworks for economic cooperation such as the Economic Partnership Agreements (EPAs), Trade and Investment Promotion Frameworks (TIPFs), Double Taxation Avoidance Agreements (DTAAs), and Investment Protection Agreements (IPAs), and to facilitate mutual access for each other’s products to their respective markets.
In this regard, we acknowledge the significant role of Africa for sustainable global economic development and welcome the efforts to establish a single market and accomplish regional economic integration through the African Continental Free Trade Area (AfCFTA). In this context, Korea also welcomes African countries’ efforts for the unification of the payment system, known as the Pan-African Payment and Settlement System (PAPSS). Korea, being deeply aware of the importance of international trade, is willing to share the lessons learned from the experience of concluding a number of Free Trade Agreements (FTAs), in particular to help in building the capacity of customs authorities and establishing One-stop Origin Management System(OOMS) as part of the efforts to strengthen economic cooperation with the African continent to a higher level.
In addition, sharing the view that building quality, reliable, sustainable and resilient infrastructure is key in enhancing the effectiveness of development cooperation, facilitating industrialization, and nurturing a foundation for an export-friendly environment, we express the need to strengthen cooperation in pursuing quality, reliable, sustainable and resilient infrastructure projects in Africa that has a substantial economic impact, such as roads, railways, bridges, ports, airports, dams, seawater desalination plants, and electricity and water management systems. In this regard, noting the role played by Korean companies in the construction of sustainable infrastructure in Africa, we stress our willingness to strengthen collaboration in smart infrastructure fields, such as smart cities and intelligent transportation systems, in which Korea has a high level of competitiveness.
We recognize that the strengthening of science and digital technology serves as an important means for advancing economic cooperation and significantly improves the productivity of society and the economy as a whole. We emphasize the need to integrate digital technologies spanning various sectors of cooperation including agriculture and healthcare. We recognize and value Africa’s endeavors to implement science and technology programs for the young generations in Africa. In this regard, in order to jointly contribute to the sustainable economic and social development of African countries, we are committed to making efforts to share Korea’s expertise in the fields of digital government including the Customs e-Clearance system (UNI-PASS), the Korea ON-line E-Procurement system (KONEPS), and the KOrean Statistical Information Service (KOSIS).
We recognize that education and human resource development have served as the foundation of Korea’s development, and that, in order for Africa – where 60% of the population is under 25 years old – to harness the demographic dividend to the fullest extent, it is essential to cultivate talented human resources through education and training in particular in the fields of 3
science and technology. In this regard, we welcome Korea’s ‘Tech4Africa Initiative’ which aims at enhancing digital capabilities of the youth in Africa. We emphasize the need for increased investment in education and vocational training based on digital skills and technologies as well as in developing young technology driven entrepreneurship. In addition, we welcome the adoption of education as the theme of the year 2024 by the African Union and express our willingness to cooperate in this regard. We express our wish to expand the infrastructure for education and research including providing high-quality programs in science and technology, establishing Technical and Vocational Education and Training (TVET) schools, and expanding scholarship programs such as the Global Korea Scholarship (GKS). These initiatives will contribute to the nurturing of capable future generations, which are the driving force for the development of the African continent.
We reaffirm the need to accelerate the implementation of the United Nations’ 2030 Agenda, the Sustainable Development Goals, and the African Union’s Agenda 2063 and further emphasize the importance of cooperation with the African Union Commission and the African Union Development Agency (AUDA-NEPAD), in advancing the sustainable development of Africa.
Sustainability
We stress the importance of enhancing sustainability to address global challenges, including climate change, food insecurity, health crises, energy crises, and supply chain disruptions. We recognize the disproportionate impact these crises have on Africa and express our willingness to advance cooperation for the promotion of sustainability. We share the view that it is important to strengthen an integrated approach focused on the Humanitarian-Development-Peace Nexus (HDP Nexus) to address the multi-faceted nature of today’s global challenges, while respecting national ownership. We also highlight the importance of the successful 21st replenishment of the IDA and welcome the hosting of the IDA21 final meeting in Korea.
Recognizing that climate change poses an existential threat to humankind, requiring urgent and collective action to achieve the goals of the Paris Agreement, we share a common view on accelerating action-oriented, cooperative endeavors in mitigation and adaptation. In this regard, we emphasize the need to promote innovative, sustainable and clean energy to diversify energy sources, and to utilize Article 6.2 of the Paris Agreement to catalyze investment in Africa.
Noting the seriousness of the problems resulting from climate change such as deforestation, land degradation, rising sea levels, extreme weather events and loss of biodiversity in the region, we express our willingness to expand cooperation in the field of land and forest conservation, sustainable land management, marine conservation, mitigation and adaptation strategies and biodiversity preservation.
We also note that ensuring access to clean cooking energy has the potential to reduce deforestation and enhance health, particularly for women and girls. Acknowledging that Africa, despite its negligible contribution to global greenhouse gas emissions, remains one of the most vulnerable continents to its impacts, we express our wish to work together to strengthen international cooperation to create a climate finance architecture responsive to Africa’s needs.
We express our wish to advance cooperation for food security and sustainable agriculture by promoting the application of advanced agricultural technologies for climate change adaptation, by expanding irrigation facilities to improve access to water, by safeguarding traditional irrigation and water distribution knowledge, and by sharing know-how on smart farming and agro-processing. The African leaders appreciate Korea’s support on strengthening Africa’s food self-sufficiency and capacity to respond to climate change through green ODA and agricultural ODA projects which incorporate Korea’s unique experience and know-how.
Recalling that Korea and Africa have nurtured strong resilience through a unified response in the face of the COVID-19 pandemic, we express our willingness to strengthen cooperation to enhance access to basic healthcare services such as vaccinations and maternal and child health. We also stress the need to enhance cooperation for a collective response to global health crises, with a focus on strengthening disease surveillance, establishing primary healthcare infrastructure, developing human resources capabilities in enhancing manufacturing capacities of essential medicines and medical supplies, and promoting the safety of medical products and building public health laboratory systems.
Moreover, in the face of the instability of global supply chains, we emphasize the increasing importance of mineral resources needed for the development of future industries such as electric vehicles, batteries, and renewable energy. Recognizing Korea’s leadership in advanced industries and Africa’s importance as a globally significant region for critical mineral reserves, we emphasize the need to expand mutually beneficial cooperation and knowledge sharing, including at the minilateral level, to promote the development of industries related to critical minerals.
In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa. In addition, we share a common view on enhancing cooperative efforts to ensure the stable supply of critical minerals and promote technology collaboration related to critical minerals on mutually agreed terms. We further recognize the importance of identifying opportunities for Korean companies to invest in Africa and add value to the development of critical mineral resources so that the collaboration may contribute to creating job opportunities and revitalizing local economies.
Solidarity
Reaffirming that building sustainable peace and stability is essential for the realization of the African Union’s vision for an integrated, prosperous and peaceful Africa, we emphasize the importance of the cooperation between the two sides to achieve this objective.
The African leaders note Korea’s contribution to the peace and security fields in Africa, including financial contributions to the African Union’s peace and security activities, dispatching UN peacekeeping personnel, and participating in the international community’s anti-piracy activities in Africa. We express our willingness to further enhance and expand projects for cooperation in the fields of defense, the defense industry, and public security between Korea and Africa. We reaffirm the importance of exerting more efforts to strengthen the African Peace and Security Architecture (APSA), through supporting the deployment of 5
Peace Support Operations (PSOs), and activities of the African Union Center for Post-Conflict Reconstruction and Development (AUC-PCRD).
We emphasize the necessity of supporting counterterrorism efforts as well as preventing and countering violent extremism conducive to terrorism, as key prerequisites for peace and security in Africa. We express our willingness to continue efforts in providing humanitarian assistance to people in need.
We express deep concern about the catastrophic humanitarian situation in the Gaza Strip and call for the full implementation of the United Nations Security Council resolution 2728 (2024), demanding an immediate ceasefire respected by all parties as well as ensuring humanitarian access to address the medical and other humanitarian needs, and further demanding that the parties comply with their obligations under international law.
Korea expresses its willingness to continue to strive to cooperate closely with African countries, particularly with the A3, where appropriate, during its 2024-25 term as a non-permanent member of the UN Security Council. Korea extends congratulations to the African countries on the African Union’s accession to the G20 and expresses its willingness to cooperate within the G20.
Reaffirming our commitment to the full implementation of all relevant UN Security Council resolutions, we highlight the importance of the efforts of the international community to achieve a complete, verifiable, and irreversible denuclearization of the Korean Peninsula.
We express our willingness to make efforts to enhance people-to-people exchanges, sharing the view that active exchanges between the two sides contribute to increasing mutual understanding and strengthening solidarity, thereby nurturing a positive atmosphere for cooperation in all fields. To this end, we share the view that there is a call to promote high-level exchanges in all fields, including between government officials, business leaders, civil society representatives and parliamentarians, as well as exchanges in fields such as culture, arts, sports and tourism. In addition, we highlight the need to enhance mutual air connectivity and expand exchanges between local governments, universities, and research institutes of the two sides. These efforts aim to create employment opportunities for young populations and establish a foundation for fostering experts to drive future interaction and synergy between Korea and Africa. Both Korea and Africa should work together to achieve shared goals based on a respectful dialogue.
Way Forward
To facilitate cooperation discussed at this Summit, Korea will continue to expand Official Development Assistance (ODA) up to 10 billion US dollars by 2030 as a catalyst for projects for cooperation with Africa, including through the expansion of EDCF Framework Arrangement(F/A) and grants. Moreover, approximately 14 billion US dollars in export financing will be provided to Korean companies by 2030 to encourage their activities in Africa, thus stimulating trade and investment with Africa.
We emphasize the importance of regularly reviewing and supporting the implementation of
the commitments made at this summit and, to this end, we stress the need to strengthen the activities of the Korea-Africa Economic Cooperation (KOAFEC) Conference and Korea-Africa Agriculture Ministers Meeting and to establish new high level consultative bodies such as the Customs Commissioners Meeting, and Chief Statisticians Meeting.
Recognizing the importance of implementing the outcomes of this Summit, we task the Foreign Ministers’ Meeting in 2026 to comprehensively evaluate the outcomes of this summit and to discuss the way forward including exploring the possibility of holding the next summit.
