South Korea Raise Agriculture Support To Africa To $5B In 2024

News in brief: South Korea is seeking to expand its ties with Africa in key areas such as agriculture, bio-health, and climate change. It will provide assistance to Africa in these areas and increase its funding to $5 billion next year.

South Korea is seeking to expand its ties with Africa in key areas, such as agriculture, bio-health, and climate change. The country's finance ministry made the announcement on Wednesday, during the opening speech of the ongoing seventh Korea-Africa Economic Cooperation Ministerial Conference.

South Korea's Finance Minister Choo Kyung-ho said that both nations can create the strongest solidarity by combining its cutting-edge technologies and Africa's growth potential.

In particular, Choo highlighted the importance of agricultural transformation, bio-health, and climate change. He said that South Korea can share its experience of overcoming famine and help Africa to become self-sufficient in rice.

As part of Seoul's official development assistance, the K-rice belt project will supply high-yield rice varieties and agricultural machines to Africa. It will also help the continent build irrigation and other facilities, and share experiences and technologies regarding crop cultivation and distribution.

Choo added that South Korea will further elevate cooperation in the medical sector and play a more responsible role in the global community by raising its assistance fund to $5 billion next year from the current $3.4 billion.

The finance minister also asked Africa to support South Korea's bid to host the 2030 World Expo in its southeastern city of Busan which expects representatives from 38 African countries. Solutions to further strengthen economic cooperation between South Korea and Africa will be the focus of the conference.