SEOUL - South Korea hosted its first-ever summit with African countries here on Tuesday in a bid to enhance cooperation in various fields, according to the South Korean presidential office.

The summit, which began with a welcome banquet on Monday night, was scheduled to end with a business summit on Wednesday, attended by heads of state and government and heads of delegation from 48 African nations along with representatives of the African Union and its institutions and representative of the African Development Bank.

Under the joint declaration, the two sides shared the view that there is a need to forge a new strategic cooperation between South Korea and Africa based on mutual trust, solidarity and similar historical experiences.

Amid the emergence of complex challenges including climate change, conflicts, food insecurity, health crises, energy crises and supply chain disruptions, the two sides are determined to build a strong and mutually beneficial partnership structured around three pillars: shared growth, sustainability and solidarity.

ALSO READ: Africa to press ahead with development

South Korea and African countries signed more than 40 agreements and memorandums of understanding (MoUs), such as Trade and Investment Promotion Frameworks and basic agreements on the Economic Development Cooperation Fund, as well as MoUs on key mineral, infrastructure, mobility, agricultural, fishery, medical and health cooperation.