Gu Ja-yeol, Chairman of the Korea Federation of SMEs, "Need for Future-Oriented Cooperation with Africa"

Muheop Hosts 'Business Networking Event Inviting Ambassadors from 12 African Countries'

At the "Business Networking Event with African Ambassadors to Korea" held by the Korea International Trade Association on the 17th at the Shilla Hotel State Guesthouse in Seoul, KITA Chairman Koo Ja-yeol is delivering a congratulatory speech. (Photo by KITA)

[Asia Economy Reporter Park Sun-mi] "Africa is a new alternative for diversifying the critical minerals supply chain. It is necessary to expand cooperation in critical minerals and green energy beyond official development assistance."

On the 17th, Koo Ja-yeol, Chairman of the Korea International Trade Association (KITA), held a business networking event at the Shilla Hotel's State Guesthouse in Seoul, inviting ambassadors from 12 African countries to emphasize the need for future-oriented cooperation with Africa.

In his dinner speech, Chairman Koo stated, “Africa is a continent rich in energy resources such as oil and natural gas, as well as rare minerals like nickel and cobalt, making it a new alternative region for diversifying South Korea’s critical minerals supply chain.”

He added, “Going forward, we must expand cooperation beyond official development assistance (ODA) to include critical minerals supply chains, green energy, and biotechnology, establishing mutually beneficial and future-oriented cooperative relationships.” Furthermore, he said, “We will support more Korean companies to enter Africa and contribute to Africa’s green growth, digital transformation, and manufacturing enhancement,” and requested, “Please actively support Korea’s bid to host the 2030 Busan World Expo.”

According to KITA, the share of trade with Africa in Korea’s overall trade is below 2%, a relatively low level. However, trade between the two regions has been rapidly increasing since the outbreak of COVID-19. Africa holds large reserves of critical minerals such as platinum, cobalt, and copper, enabling cooperation with Korean battery companies, and it also hopes to receive technology and know-how transfer from Korea in response to climate change and digital transformation.

For example, South Africa accounts for 70% of the world’s platinum production, and the Democratic Republic of the Congo accounts for 70% of cobalt production. Zambia ranks 9th in the world with copper reserves of 19 million tons and 4th in production volume, and it also ranks 4th globally with cobalt reserves of 270,000 tons.

A KITA official explained, "In the digital sector, our companies have already contributed to expanding digital infrastructure in Africa through the installation of ultra-high-speed internet networks and the establishment of data centers," adding, "Projects such as new nuclear power plants and renewable energy power generation facilities are also underway, raising expectations for expanded cooperation with our companies."

This content was produced with the assistance of AI translation services.