South Korea's President Yoon Suk Yeol has announced plans to strengthen cooperation with African nations to secure a stable supply of critical minerals and accelerate economic partnerships and trade negotiations.
During a historic summit with leaders from 48 African countries, President Yoon revealed South Korea's commitment to increasing development aid for Africa to $10 billion over the next six years. This move aims to leverage the continent's rich mineral resources and its potential as a vast export market.
"We will seek sustainable ways to work together on issues directly related to future growth, such as stable supplies of key minerals and digital transformation," Yoon stated in his opening remarks.
In addition to development aid, President Yoon pledged $14 billion in export financing to boost trade and investment opportunities for South Korean companies in Africa. This support is crucial for South Korea, a major energy consumer and a leader in semiconductor production and automotive manufacturing.
Africa, holding 30% of the world's reserves of critical minerals like chrome, cobalt, and manganese, represents a strategic partner for South Korea. The summit, attended by at least 30 heads of state, underscores the significance of this collaboration.
Yoon, alongside the chair of the African Union, Mauritania's President Mohamed Ould Ghazouani, is expected to issue a joint statement emphasizing "shared growth" and the importance of establishing frameworks to promote trade and exchange. Yoon emphasized the need to expedite talks for economic partnership agreements and trade and investment promotion frameworks.
By offering support in industrial infrastructure and digital transformation, South Korea aims to tap into Africa's rapidly growing market, home to 1.4 billion people, the majority of whom are 25 or younger.
Park Jong-dae, a former South Korean ambassador to South Africa and Uganda, highlighted that South Korea provides a valuable alternative to Western and Chinese development models. "The essence of the Korean model of development cooperation is human development and management, rather than provision of assistance per se," he said. "Korea has the experience and knowhow of development, while many African countries have immense possibilities for development based on untapped resources and a dynamic young population."
On Wednesday, South Korean business leaders will host a business summit focused on investment, industrial development, and food security, with President Yoon continuing meetings with visiting leaders.
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