[Opinion] The Future Korea and Africa Create Together with Sincerity and Empathy

The '2024 Korea-Africa Summit,' the first high-level multilateral meeting between Korea and Africa, was held on the 4th and 5th of this month. Including 25 countries whose heads of state attended in person, 48 invited countries?all except those under international sanctions?participated and adopted the 'Korea-Africa Summit Joint Declaration' based on 'Creating the Future Together: Co-growth, Sustainability, and Solidarity.' This marks a significant milestone as it lays the foundation for a new level of cooperative relations 63 years after the establishment of diplomatic ties.

The economic achievements matched the scale of the summit. To strengthen cooperation in the supply chain of critical minerals, which attracted the most attention, 49 countries jointly launched the 'Korea-Africa Critical Minerals Dialogue.' The Korea International Trade Association agreed with the Secretariat of the African Continental Free Trade Area (AfCFTA) to establish the 'Korea-Africa Economic Cooperation Committee.' Additionally, memorandums of understanding (MOUs) in trade, investment, and mineral sectors were signed with 11 countries, totaling 12 agreements, including the Trade and Investment Promotion Framework (TIPF). Negotiations on Economic Partnership Agreements (EPA) were concretized with Tanzania and Morocco. In the private sector, 35 contracts and MOUs were signed with 19 countries.

The outcomes of this summit, exceeding expectations, demonstrate the potential synergy effect of combining Africa's 'opportunities' with Korea's 'capabilities' as ideal partners. Amid the complex global crisis and increasing variables in the global trade environment, economic security and diversification of cooperation are emphasized, and Africa is opening new opportunities based on its dynamism and potential. Thanks to the expected demographic dividend from the rapid increase of the young population, abundant natural resources essential for green transition, and the diplomatic influence of 54 countries, Africa is emerging as a new consumer market and manufacturing base, as well as a strategic partner for addressing global challenges.

Africa highly values Korea's capabilities, which have achieved remarkable economic development, and recognizes Korea as the optimal partner for achieving economic self-reliance. Heads of state participating in the Business Summit speeches commonly expressed their intention to strengthen cooperation with Korea for sustainable growth and anticipated investments from Korean companies with excellent technological capabilities. Recently, African leaders have been demanding equal partnerships for autonomous development. From this perspective, it is important to note their emphasis on Korea's sincerity and the historical empathy shared between the two regions. Based on its experience of rising from an aid recipient to a donor country, Korea can position itself as a bridge country connecting the Global South (about 130 low- and middle-income countries from the low latitudes of the Northern Hemisphere to the Southern Hemisphere) and the Global North (the United States, Europe, Russia, China, and major powers in Northeast Asia).

Africa has set a goal to become a global power through its long-term development strategy called Agenda 2063. Korea, which achieved the Miracle on the Han River with international support, should support Africa's efforts in realizing its vision as a global pivotal country. For Korea and Africa to become mutually beneficial partners pursuing long-term growth, the commitments agreed upon at this summit must be consistently implemented through practical and concrete policies.

The government announced plans to expand official development assistance (ODA) to Africa to $10 billion and export financing to $14 billion by 2030. Leveraging this intergovernmental cooperation, obstacles to cooperation such as infrastructure and institutional deficiencies should be improved to promote private sector participation and increase trade and investment, thereby expanding the depth and breadth of economic cooperation. Furthermore, to strengthen networks with individual countries and provide tailored support, cooperation should be advanced in a way that respects the diversity of Africa's 54 countries, which differ in economic environments and linguistic and cultural backgrounds.

Han Seon-i, Associate Research Fellow, Korea Institute for International Economic Policy

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