SEOUL: The inaugural summit between the Republic of Korea and African nations kicked off Tuesday to discuss expanding economic ties and cooperation in supply chain and development with the resource-rich countries, Yonhap News Agency reported.

The Korea-Africa Summit brought together delegations from 48 African nations, including 25 heads of state. The main session will be held on the first day, followed by a business summit focused on trade and investment on Wednesday.

The gathering, the largest multilateral summit hosted by the administration of President Yoon Suk Yeol, takes place as the Republic of Korea is exploring ways to bolster economic ties with Africa.

Currently, South Korea’s trade with Africa only accounts for 1.9 percent of the nation’s total trade.

According to the presidential office, a Memorandum of Understanding on the “Key Minerals Cooperation Partnership” will be signed to strengthen related cooperation.

President Yoon and Mauritania President Mohamed Ould Ghazouani, the chair of the A
frican Union, will issue a joint statement at the end of the summit.

Source: Emirates News Agency