In a historic summit, South Korean President Yoon Suk Yeol and the leaders of 48 African nations have agreed to deepen their trade, business, and development cooperation. The main highlights of the summit include the launch of a “Critical Minerals Dialogue” and a pledge by South Korea to increase its development aid for Africa to $10 billion over the next six years.
President Yoon emphasized that the Critical Minerals Dialogue will set an example for a stable supply chain through mutually beneficial cooperation, contributing to the sustainable development of mineral resources around the world. Africa is home to 30% of the world’s reserves of critical minerals, including chrome, cobalt, and manganese, which are crucial for South Korea’s energy-intensive industries, such as semiconductors and electric vehicle manufacturing.
In addition to the Critical Minerals Dialogue, South Korea also pledged $14 billion in export financing to promote trade and investment for its companies in Africa. This comes as South Korea, one of the world’s largest energy buyers and a home to leading semiconductor producers, seeks to tap into Africa’s vast mineral resources and its potential as a vast export market.
The joint declaration issued by South Korea, the African Union (AU), and its member nations also included a commitment to speed up talks for economic partnership agreements and trade and investment promotion frameworks. The leaders also called for advancing cooperation in Africa’s food security, with South Korea’s support for agricultural technology and smart farming.
African leaders welcomed South Korea’s “Tech4Africa” initiative, which aims to support the education and training of Africa’s young population. AU chair and Mauritanian President Mohamed Ould Ghazouani stated that African countries were eager to learn from Korea’s experience in developing human resources, industrialization, and digital transformation.
The summit marks a significant step in strengthening the economic and diplomatic ties between South Korea and the African continent, as both sides seek to harness the continent’s vast potential and resources for mutual benefit.