[Contribution] Why Korea-Africa summit matters


The upcoming 2024 Korea-Africa summit in Seoul is poised to strengthen the relationship between the two regions, building on a history of ministerial forums dating back to 2006. Africa's potential for economic growth and stability is underscored by its youthful population, abundant natural resources, and solid growth rate. With a projected population increase from 1.4 billion to 2.5 billion by 2050, Africa's young workforce is anticipated to become a significant force in the global economy. Additionally, the continent's vast reserves of minerals and consistent growth rate of 4.6 percent between 2000 and 2019 further contribute to its potential influence on international decision-making. While Europe, Japan, China, and the US have long-standing partnerships with Africa, Korea is also intensifying its efforts to expand ties with the continent. Despite its relatively small current trade volume with Africa, Korea's success story of rapid economic growth and transition from aid recipient to donor holds promise for resonating with African countries in similar growth stages. As the summit approaches, there is hope that it will mark a turning point in the bilateral relationship, positioning Africa as a crucial partner for Korea's supply chains and presenting opportunities for Korea to support Africa's growth ambitions.


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