South Korean President Yoon Suk Yeol said on Tuesday the country will step up cooperation with African nations to secure a stable supply of critical minerals and speed up negotiations to promote economic partnerships and trade.
Hosting a first-ever summit with the leaders of 48 African countries, Yoon said South Korea will increase development aid for Africa to $10 billion over the next six years as it looks to tap into the continent's rich mineral resources and potential as a vast export market.
Yoon also pledged to offer $14 billion in export financing to promote trade and investment for South Korean companies in African countries.
At least 30 heads of state are attending the summit, with delegations from 48 countries participating. Yoon and the chair of the African Union, Mauritania President Mohamed Ould Ghazouani, are due to issue a joint statement, Yoon's office said.
(Production: Hyunyoung Yi)
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