South Korea is set to host the inaugural Korea-Africa Summit on June 4-5, 2024, under the theme “The Future We Create Together: Shared Growth, Sustainability, and Solidarity.” This historic event is expected to bring together numerous heads of state and key stakeholders to foster a strong partnership between Korea and African nations. The summit aims to promote economic cooperation, sustainable development, and mutual growth, leveraging the respective strengths of both parties.
South Korea’s remarkable economic growth, often referred to as the “Korean Miracle,” was achieved through collective efforts and careful utilization of international aid. Now, Korea is committed to giving back and assisting African countries in their development journey. The upcoming summit is a demonstration of this commitment. The summit is designed not to be yet another ‘talk show of rhetoric’ between a highly advanced economy and a continent battling with development, rather it promises to focus on outcome-oriented discussions and collaborations that ensure lasting prosperity for both parties.
Key priorities include boosting trade and investment, food security, sustainable energy and infrastructure, science and technology, mutual peace and understanding, and peace and security. In agriculture, which is key to growth in many African countries, the Summit plans to launch the “K-Rice Belt Initiative”, a programme designed to help eight African countries achieve self-sufficiency in rice production by 2027. In addition to this KRB Initiative, there is also the Korea Partnership for Innovation of Agriculture (KOPIA), which is aimed at providing technical expertise and equipment to many African experts.
South Korea equally wants to foster closer cultural ties with many African countries. This is why it is trying to engage in a public diplomacy where the Korea Foundation (KOF) is promoting Korea studies and language, establishing a global network, and engaging in cultural and art sectors to enhance understanding of Korean culture. The KOF is already sponsoring African students in fellowship programs and plans to establish a Korea/African foundation for deeper cooperation.
For Africa, beyond mutual collaboration, there are a lot of lessons to learn from South Korea, which managed to maintain economic growth rates of more than 7 percent for 30 years, courtesy of rapid industrialization and increased exports. The biggest dilemma facing many African countries is how to reach higher levels of economic growth and maintain them for the long run in an international economic environment, which is constantly changing. An economic growth rate far lower than population growth rate would not bring about the quick advancement African countries desperately need to achieve economic stability.
The Foreign Minister of South Korea during a Senior Officials’ Meeting that took place in Seoul in preparation for the two-day summit scheduled to hold on June 4 and 5 talked up the importance of bilateral cooperation between the Korea Republic and Africa. He commended Nigeria’s role in ensuring peace and security in West Africa as ECOWAS chair. The summit is expected to be a win-win relationship, leveraging the comparative advantages of both parties for global partnership and prosperity.
The Korea-Africa Summit is a significant step towards strengthening ties and creating a brighter future for both parties. This upcoming summit reflects the equal partnership that South Korea and Africa intend to add to their existing strong cooperation as both parties advance their respective agendas for the future. For South Korea, it has a vision to become a “global pivotal state”. Africa, on its part, wants to accelerate development across the continent. Working together, South Korea and Africa can help each other achieve these goals.