President Yoon Suk Yeol said in an opening speech of the 2024 Korea-Africa Summit Tuesday that the event marks a new era of ties between Asia's fourth-largest economy and the African continent.

"Today's Summit will herald an important milestone of the new era of ties between South Korea and Africa," Yoon told delegations of 48 African countries in the largest multilateral summit hosted by the Yoon administration.

"We hope we can briskly start our grand journey to achieve the future built together."

During his speech, Yoon called for co-prosperity, pledging to boost trade with African countries with enhanced frameworks, explore more opportunities to weather global crises and ensure sustainability.

Yoon raised the need for South Korea to sign the trade development pacts with African countries such as the Economic Partnership Agreements and the Trade and Investment Promotion Framework "in a speedy manner."

Yoon also recognized South Korea's move by 2030 to offer $10 billion in development aid to Africa and extend $14 billion in export finance to South Korean firms. He also said South Korea will help Africa facilitate its intra-continental trade through the African Continental Free Trade Area.

South Korea and Africa will overcome transnational challenges together by incorporating Africa's rich mineral resources and young population with South Korea's expertise and cutting-edge technology.

Yoon highlighted South Korea's efforts to place "green ladders" in Africa, as seen in a geothermal power station project in Kenya and a project for the energy storage system for batteries in South Africa.

"Today, we are living in the era of transnational complex crises," Yoon said. "Challenges that come from climate change, pandemic, natural disaster, food insecurity and supply chain instability can only be overcome through international cooperation and solidarity."

Yoon also said South Korea and African countries will join hands to ensure peace on the Korean Peninsula by abiding by the United Nations Security Council resolutions to impose sanctions on North Korea, amid intensifying provocations from North Korea over the past weeks.

In return, South Korea will continue to work to ensure peace and security in the African continent, in line with the operations of the Cheonghae Unit of the South Korean Navy on Somali waters and the United Nations peacekeeper force Hanbit Unit's reconstruction assistance in South Sudan, Yoon added.

Yoon co-chairs the 2024 Korea-Africa Summit with Mauritanian President Mohamed Ould Ghazouani, at the event that invited delegations of 48 African countries, including 25 heads of state. Yoon and Ghazouani are scheduled to hold a joint press conference at 4:50 p.m. at the venue of the event.