South Korea's Strategy for Africa

1. Early to Post-Cold War Relationship Formation (1960s–1990s)

Since the 1960s, South Korea has gradually built diplomatic relations with various African countries. As many African nations were advancing toward independence at the time, both sides promoted political and socio-cultural exchanges and established diplomatic ties.

African nations were also forced to make careful decisions in handling both North and South Korea amidst the two-camp competition of the Cold War era.

Relations during this period were limited primarily to political and cultural exchanges and basic ODA, with economic strategies and large-scale investments being limited. Nevertheless, the formation of diplomatic networks contributed to the expansion of economic relations later on.

2. KOAFEC and the Development of Institutional Economic Cooperation Frameworks (2000s)

In the mid-2000s, South Korea established the Korea-Africa Economic Cooperation (KOAFEC) and partnered with the African Development Bank to form an economic cooperation platform. This serves as a major framework for institutionalizing development support and economic cooperation in Africa, handling the promotion and coordination of both public and private sector projects.

During the same period, South Korea strengthened its support for developing countries as a member of international aid frameworks, such as by joining the OECD DAC as an official donor country for development assistance.

This stage was a period of cooperative development assistance and the formation of an economic partnership foundation.

3. Expansion of Trade and Human Exchanges (2010s–)

In the 2010s, trade and human exchanges between South Korean companies and Africa deepened. While expanding the export and sale of manufactured goods such as automobiles and electrical machinery, South Korea increased opportunities to collaborate on infrastructure development, ICT, and education projects in Africa.

During this period, South Korea also strengthened its soft power through cultural diplomacy (K-Pop, dramas, etc.), contributing to the improvement of mutual understanding and market awareness.

These were a period of deepening relations where economic interests and human network formation merged.

4. First Summit and Strategic Shift (2024)

In June 2024, South Korea held its first “South Korea–Africa Summit,” with 48 countries, nearly all members of the African Union (AU), participating. This is a clear signal that South Korea is expanding its Africa strategy from a focus on East Asia to a global expansion.

The joint statement of the summit focused on strengthening institutional frameworks such as EPAs (Economic Partnership Agreements), double taxation avoidance agreements, and investment protection agreements, and proposed cooperation in infrastructure, railways, ports, and airports, as well as support for smart infrastructure and digital technology.

Furthermore, the launch of the “Korea-Africa Critical Minerals Dialogue,” a plan to increase total ODA to $10 billion by 2030 (from $400–500 million annually), and the strengthening of public-private partnerships with $14 billion in export financing were announced, which will significantly expand opportunities for companies to enter the African market.

This stage is a strategic turning point that simultaneously strengthens institutional development and infrastructure/supply chain cooperation.

5. Multidimensional Economic Strategy and Development Cooperation (2024–2025)

As a trend for 2024–2025, South Korea is deploying the following practical economic strategies:

• Expressed support for the African Union (AU) free trade (AfCFTA) and cooperation in strengthening customs capabilities.

• Cooperation in science, technology, and education (support for digital capacity building such as Tech4Africa).

• Promotion of cooperation in implementation, such as holding public-private investment symposiums through the EDCF (Economic Development Cooperation Fund).

These are characterized by a tripartite cooperation model of infrastructure, human resources, and technology and are shifting from traditional bilateral aid to collaborative economic partnerships.

Outlook for 2026

1. Acceleration of trade institutionalization and EPA promotion
South Korea is advancing Economic Partnership Agreement (EPA) negotiations with multiple countries, with talks already underway with Tanzania and Morocco in particular. If concluded, this will improve legal stability for export market access and raw material supply networks.

2. Deepening of cooperation on critical minerals and supply chains
For South Korean industry (especially in the electrical and battery materials sectors), securing critical minerals such as nickel, cobalt, and lithium is a strategic priority. Resource supply cooperation with African partners contributes to strengthening supply chains in the medium to long term.

3. Expansion of cooperation in digital, education, and human resources
Through initiatives like Tech4Africa and vocational education support, human resource development and the promotion of digitalization will become core areas that accelerate economic development for both sides.

4. Scaling up development cooperation and government financial support
By significantly expanding ODA by 2030 while combining it with South Korean export financial support, opportunities for participation in large-scale infrastructure projects and smart infrastructure will increase.

Strategic Implications (Business Perspective)

South Korea's strategy for Africa is evolving into an economic strategy that encompasses institutional trade cooperation, infrastructure, digital technology, and the securing of critical resources, rather than merely strengthening its position as an aid donor. Institutional arrangements such as EPAs and investment protection agreements promote legal transparency and risk reduction for market entry. Support for smart infrastructure and digital capacity building fosters local market development and value chain formation in the medium to long term.

South Korean companies can build a sustainable presence in the African market by strategically capturing the development of trade systems, participation in critical mineral supply chains, and co-creation models in the digital and education sectors. For investment and project evaluation, it is important to precisely assess trends in the institutional environment and public-private cooperation frameworks.

Good luck!!