- The two sides signed an MOU on the ROK-AfCFTA Cooperation Fund -

1. On Tuesday, May 27, Minister of Foreign Affairs Cho Tae-yul met with Secretary-General Wamkele Keabetswe Mene of the African Continental Free Trade Area (AfCFTA) Secretariat during the latter’s visit to the Republic of Korea to attend the Jeju Forum (May 28-29). The two sides exchanged views on ways to enhance economic cooperation between the ROK and Africa and to bolster the capacity of the AfCFTA Secretariat.

○︎The African Continental Free Trade Area (AfCFTA) is a free trade zone in Africa, with 53 out of 54 African countries having joined it and 48 having ratified the agreement, which entered into force in May 2019 and officially started facilitating trade in January 2021.

○︎ If all African countries participate in the AfCFTA, it is expected to become an economic bloc with a population of approximately 1.3 billion and a combined GDP of around USD 3.4 trillion.

2. Minister Cho welcomed Secretary-General Mene’s visit to Korea and attached significance to the fact that the ROK, a country that has actively supported the acceleration of the AfCFTA’s implementation since its launch in 2021, is poised to further revitalize economic cooperation with the African continent with the newly established the ROK-AfCFTA Cooperation Fund.

○︎ The ROK-AfCFTA Cooperation Fund was newly established in 2025 with KRW 6.5 billion, or approximately USD 4.5 million, as a follow-up measure to the 2024 Korea-Africa Summit. With this fund, efforts will be made to accelerate the implementation of the AfCFTA and to promote cooperative projects designed to deepen and expand trade and commercial ties between the ROK and Africa.

3. Secretary-General Mene praised the ROK for successful hosting the 2024 Korea-Africa Summit and expressed sincere gratitude for the country’s support for the AfCFTA Secretariat’s activities in various areas. He voiced hope that the ROK-AfCFTA Cooperation Fund would help revitalize mutually beneficial and practical cooperation projects between the ROK and Africa and further promote the advancement of outstanding Korean companies into the African market.

4. Just prior to the meeting, Minister Cho and Secretary-General Mene signed a memorandum of understanding (MOU) on the ROK-AfCFTA Cooperation Fund. This MOU will serve as the institutional groundwork for effective and efficient fund management, calling for bilateral  collaboration in planning, implementing and evaluating fund-related projects. This is expected to lead to an expanded presence of Korean companies in the African market as well as increased cooperation between businesses and relevant organizations of both sides.