President Yoon: "Building Core Mineral Partnerships with Africa... We Must Narrow Economic Distance"

Attendance at the 'Korea-Africa Business Summit'
"Promoting Customized Development Cooperation to Meet ODA Demand"

President Yoon Suk-yeol is delivering the keynote speech at the opening ceremony of the '2024 Korea-Africa Business Summit' held at Lotte Hotel in Jung-gu, Seoul on the 5th. [Image source=Yonhap News]

President Yoon Suk-yeol stated on the 5th, "We hope to establish a 'Critical Minerals Partnership' with key African countries and expand mutually beneficial resource cooperation through the multilateral consultative body, the 'Critical Minerals Security Partnership (MSP).'" With the recent increase in geopolitical risks and growing uncertainty in global supply chains, the role of Africa is gaining attention, and thus, active cooperation in the mineral sector will be pursued.

President Yoon attended the '2024 Korea-Africa Business Summit' held at the Lotte Hotel in Seoul on the morning of the same day, coinciding with the Korea-Africa Summit, and said, "We must drastically increase trade and investment to narrow the economic distance between Korea and Africa." The event, held under the theme "Creating the Future Together: Shared Growth, Sustainability, and Solidarity," was organized to discuss ways to enhance economic cooperation between Korea and Africa.

In his keynote speech, President Yoon said, "Korea-Africa cooperation, which began in 1961 with the establishment of diplomatic relations between Korea and six African countries, marks its 63rd year this year," and expressed gratitude for the efforts of businesspeople, stating, "The entrepreneurial spirit of economic actors has been a valuable foundation for the Korea-Africa partnership." He especially emphasized, "We will lay the institutional groundwork by concluding the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF) to enable companies to smoothly engage in trade and investment activities."

President Yoon also mentioned, "Climate change is a challenge faced by all, and transitioning to carbon-free energy (CFE) such as nuclear power, solar power, and hydrogen is essential to address climate change," and stressed, "We expect cooperation with Korean companies to expand for energy transition." Furthermore, he promised, "We must join forces to close intra-African disparities and will promote tailored development cooperation that meets the needs of Official Development Assistance (ODA) recipient countries."

The event was attended by African leaders including Mohamed Ould Cheikh El Ghazouani, Chairperson of the African Union (AU) and President of Mauritania, Alassane Ouattara, President of C?te d'Ivoire, as well as economic organization heads such as Yoon Jin-sik, Chairman of the Korea International Trade Association, and Wemkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA). About 400 government and business figures from Korea and Africa participated, including Chung Eui-sun, Chairman of Hyundai Motor Group, and Shin Dong-bin, Chairman of Lotte Group. From the government, Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy attended, along with Jang Ho-jin, Director of the National Security Office, Park Chun-seop, Senior Secretary for Economic Affairs, and Kim Tae-hyo, First Deputy Director for Security at the Presidential Office.

Korea-Africa Summit Concludes... Launch of 'Critical Minerals Dialogue'

President Yoon Suk-yeol is entering the '2024 Korea-Africa Business Summit Opening Ceremony' held at Lotte Hotel in Jung-gu, Seoul on the 5th, along with Mohamed Ould Ghazouani, President of Mauritania and Chairperson of the African Union (AU).
[Image source=Yonhap News]

The Korea-Africa Summit, which was attended by a total of 48 African heads of state and representatives and was held with great success, is evaluated as significant in that it established a strategic cooperation foundation between Korea and Africa for the first time in terms of supply chains, economy, and security. The launch of the permanent consultative body between Korea and Africa, the 'Critical Minerals Dialogue,' is a representative outcome. While Korea lacks mineral resources, Africa possesses many key raw materials for future industries such as nickel, chromium, and manganese. In the context of escalating US-China conflicts and the intensification of 'resource weaponization' by various countries, securing a stable mineral supply chain from Africa is expected to greatly benefit Korean companies in electric vehicles, batteries, and other sectors.

Signing the EPA and TIPF with African countries, which have a massive market of 1.4 billion people, is also considered an achievement. Starting with a state luncheon with the President of Sierra Leone on the 31st of last month, President Yoon held a total of 25 summit meetings in succession until this day, engaging in a relay of talks. Africa, with 60% of its population under the age of 25, is a 'young' continent with a rapidly growing middle class possessing purchasing power. China, Japan, and others have already recognized Africa's potential and are actively investing. President Yoon's significant increase of ODA to Africa to 10 billion USD is interpreted as a declaration of intent not to lose leadership in the African market. The government plans to encourage Korean companies' entry into Africa through export financing support amounting to 14 billion USD going forward.

Africa, which accounts for more than a quarter of UN member states, is also expected to help enhance Korea's diplomatic influence on the international stage. As seen in the failed bid for the Busan Expo, the importance of the 'Global South,' including Africa, is growing. For Korea, which is striving to break away from diplomacy centered on the four major powers and leap forward as a global pivotal state, Africa is not a choice but a necessity. In particular, the government views diplomatic cooperation with Africa as helpful in resolving North Korean issues, including the implementation of UN sanctions on North Korea and achieving denuclearization of the Korean Peninsula.

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