South Korean President Yoon Suk Yeol and leaders from 48 African countries have agreed to deepen trade and business cooperation while launching a “Critical Minerals Dialogue” aimed at the sustainable development of Africa’s resources.
At the first-ever summit with African leaders, President Yoon announced that South Korea would increase development aid for Africa to $10 billion over the next six years, aiming to leverage the continent’s rich mineral resources and vast export market potential.
“The Critical Minerals Dialogue launched by South Korea and Africa will set an example for a stable supply chain through mutually beneficial cooperation and contribute to the sustainable development of mineral resources around the world,” Yoon stated in his closing remarks.
He also pledged $14 billion in export financing to boost trade and investment for South Korean companies in Africa.
South Korea, a major global energy buyer and home to leading semiconductor producers and the fifth-largest automaker, Hyundai Motor Group, sees Africa’s 30% share of the world’s critical minerals—such as chrome, cobalt, and manganese—as crucial.
In a joint declaration, South Korea, the African Union (AU), and its member nations committed to expediting talks for economic partnership agreements and trade and investment promotion frameworks. They also pledged to enhance cooperation for Africa’s food security with South Korea’s support in agricultural technology and smart farming.
African leaders welcomed South Korea’s “Tech4Africa” initiative, aimed at supporting the education and training of Africa’s young population.
AU chair and Mauritanian President Mohamed Ould Ghazouani expressed African nations’ interest in learning from South Korea’s experience in human resource development, industrialization, and digital transformation.
Vast and Fast-Growing Market
President Yoon noted that 33 heads of state participated in the summit. He proposed “shared growth” as a pillar of cooperation with Africa, highlighting the potential to expand trade and investment through new institutional frameworks.
By offering assistance with industrial infrastructure and digital transformation, South Korea aims to tap into Africa’s vast and fast-growing market, home to 1.4 billion people, most of whom are under 25.
The joint declaration acknowledged the instability of global supply chains and the increasing reliance of future industries on a stable supply of mineral resources.
“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit, which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa,” the declaration stated.
Park Jong-dae, a former South Korean ambassador to South Africa and Uganda, argued that Western and Chinese development models had failed African nations, suggesting South Korea offers a valuable alternative.
“The essence of the Korean model of development cooperation is human development and management, rather than merely providing assistance,” he said. “Korea has the experience and know-how of development, while many African countries have immense possibilities based on untapped resources and a dynamic young population.”
On Wednesday, South Korean business leaders will host a summit focused on investment, industrial development, and food security. President Yoon also held separate talks with 25 leaders on the sidelines of the summit.
Yoon agreed to provide $2.5 billion in concessional loans to Tanzania and $1 billion in financing to Ethiopia for infrastructure, science and technology, health, and urban development.
Kenyan President William Ruto announced that South Korea would provide $485 million in concessional development funding.
SOURCE:mining.com
