Yoon Begins Korea-Africa Summit... Summit Meeting with Sierra Leone

On September 22, 2023, President Yoon Suk-yeol, visiting New York, USA, is taking a commemorative photo with Julius Maada Bio, President of Sierra Leone, during the Korea-Sierra Leone summit. (Photo by Yonhap News)

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On the 31st, President Yoon Suk-yeol held a summit meeting with Julius Maada Bio, President of Sierra Leone, who visited Korea on the occasion of the Korea-Africa Summit, and agreed to strengthen cooperation between the two countries in trade, business, and energy sectors.

President Yoon began the full-scale Korea-Africa Summit schedule with the summit meeting with President Bio on the same day.

Until the summit ends on the 5th of next month, about 25 African countries will hold a series of summit meetings to solidify strategic cooperation with the 'Global South.' The summit will be attended by 48 African countries, with heads of state from about 30 of them.

Since the African Continental Free Trade Area (AfCFTA) agreement came into effect in 2019, Africa has grown into a huge market with a population of 1.4 billion and a gross domestic product (GDP) of 3.4 trillion dollars. Accordingly, the government is expected to significantly strengthen economic cooperation with African countries through this summit.

President Yoon held a summit meeting with President Bio at the Yongsan Presidential Office at noon on the same day.

At this summit meeting, the two countries signed a Memorandum of Understanding (MOU) on the Trade and Investment Promotion Framework (TIPF) and agreed to expand trade and investment cooperation between the two countries. The MOU includes establishing a comprehensive cooperative relationship in areas such as trade, business, and energy, excluding tariff concessions.

Additionally, the two countries agreed to cooperate in improving agricultural productivity and strengthening food security in Sierra Leone through the 'K-Rice Belt Project.' Support will be provided using Korea's advanced agricultural technology, including high-yield rice variety improvement, seed distribution, and technical education.

In particular, the Presidential Office decided to assist in the implementation of the 'Medium-Term National Development Plan,' announced by President Bio in June last year, which referenced Korea's development model. This plan focuses on agricultural development and human capital development as key tasks.

The Presidential Office explained, "We plan to enhance cooperation in education and health sectors that contribute to Sierra Leone's economic and social development and future growth." To this end, the government will invest 2 billion won by 2025 to support secondary education for out-of-school female adolescents in the western region of Sierra Leone and will also promote youth capacity-building projects through digital technology by 2027.

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