By Hyonhee Shin
South Korean President Yoon Suk Yeol is making significant strides in enhancing cooperation with African nations to ensure a stable supply of critical minerals and expedite negotiations aimed at fostering economic partnerships and trade.
In an unprecedented summit with leaders from 48 African countries, Yoon announced plans to boost development aid for Africa to $10 billion over the next six years. This move reflects South Korea’s intention to leverage Africa’s abundant mineral resources and vast export potential.
“We will seek sustainable ways to collaborate on vital issues such as securing key minerals and driving digital transformation,” stated Yoon during his opening address.
Additionally, South Korea is committing $14 billion in export financing to facilitate trade and investment opportunities for South Korean companies operating in African countries.
With South Korea being a major importer of energy and home to leading semiconductor manufacturers, partnerships with Africa, possessing 30% of the world’s critical mineral reserves, are deemed crucial by Yoon’s administration.
The summit has attracted at least 30 heads of state and delegations from 48 countries. Yoon, along with African Union chair President Mohamed Ould Ghazouani of Mauritania, are set to release a joint statement.
Emphasizing “shared growth” as a central tenet of cooperation, Yoon highlighted the necessity of establishing frameworks to enhance trade and interaction. To this end, efforts to accelerate negotiations on economic partnership agreements, as well as trade and investment promotion frameworks, are underway.
By extending assistance in industrial infrastructure development and digital transformation, South Korea aims to tap into a burgeoning market of 1.4 billion people, predominantly under the age of 25.
Park Jong-dae, a former South Korean ambassador to South Africa and Uganda, lauded South Korea’s development model as a promising alternative for African nations, emphasizing human development and effective management as its core principles.
Tomorrow, South Korean business leaders will convene for a business summit focusing on investment, industrial development, and food security, further cementing ties with African counterparts.
Yoon is scheduled to hold separate discussions with visiting leaders to explore avenues for collaboration and mutual benefit.