South Korean President Yoon Suk-yeol pledged to expand trade and investment with Africa through agreements such as Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs) during the inaugural Korea-Africa Summit on Tuesday. The summit, which brought together delegations from 48 African nations, including 25 heads of state, also saw Yoon vow to support Africa’s regional economic integration efforts through the African Continental Free Trade Area (AfCFTA).

Yoon announced plans to increase South Korea’s official development assistance (ODA) to Africa to approximately $10 billion by 2030 and provide $14 billion in export financing to support Korean companies’ trade and investment activities in Africa. The summit aims to strengthen cooperation in critical minerals, digital transformation, climate change, food security and public health.