(2nd LD) S. Korea, Africa agree to launch critical minerals dialogue

GOYANG, South Korea, Leaders of South Korea and African nations agreed Tuesday to launch a high-level dialogue on expanding cooperation on the supply chain of critical minerals as they gathered for a summit focused on boosting economic ties.

President Yoon Suk Yeol hosted the main session of the Korea-Africa Summit attended by delegations from 48 African nations at KINTEX in Ilsan, north of Seoul The leaders adopted a joint declaration on boosting trade and investment, cooperation in critical minerals and development projects, and collaboration on the global stage.

During the summit, the leaders underscored the growing importance of mineral resources essential for future industries, such as electric vehicles, batteries and renewable energy, and agreed to launch a ministerial-level dialogue on critical mineral cooperation.

“Recognizing Korea’s leadership in advanced industries and Africa’s importance as a globally significant region for critical mineral reserves, we emphasize the need to expand mutually be
neficial cooperation and knowledge sharing, including at the ministerial level, to promote the development of industries related to critical minerals,” the declaration said.

“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit, which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa,” it added.

To facilitate cooperation, Yoon announced South Korea’s plan to expand official development assistance to up to US$10 billion by 2030 and provide export financing of about $14 billion to help Korean companies increase trade and investment in Africa.

The leaders agreed to strengthen institutional frameworks for economic cooperation, such as the Economic Partnership Agreements, Trade and Investment Promotion Frameworks, Double Taxation Avoidance Agreements and Investment Protection Agreements.

In this context, South Korea welcomed African countries’ efforts for the unification of the payment system and one-stop origin
management system, which would facilitate access to the mega market with a population of 1.4 billion and a gross domestic product of $3.4 trillion.

“We acknowledge the significant role of Africa for sustainable global economic development, and welcome the efforts to establish a single market and accomplish regional economic integration through the African Continental Free Trade Area,” it said.

Other key agenda items included expanded cooperation in infrastructure, food security, climate change and digital technologies.

In his opening address, Yoon emphasized the importance of coordination with African nations on the global stage amid heightened tensions on the Korean Peninsula following a series of provocations from North Korea.

He condemned Pyongyang’s campaign of sending balloons carrying trash into South Korea as a “nonsensical” provocation and called for Africa’s support for Seoul’s peace efforts.

“Reaffirming our commitment to the full implementation of all relevant U.N. Security Council resolutions
, we highlight the importance of the efforts of the international community to achieve a complete, verifiable and irreversible denuclearization of the Korean Peninsula,” the declaration said.

South Korea has been elected a nonpermanent member of the U.N. Security Council for the 2024-25 term.

The African Union, consisting of 54 member states, accounts for nearly 28 percent of the United Nations’ overall membership.

Last year, the pan-African organization joined the Group of 20 as a permanent member, demonstrating its rising influence on the global stage.

The gathering, the largest multilateral summit hosted by the Yoon administration, takes place as South Korea is exploring ways to tap deeper into the rising market.

Currently, South Korea’s trade with Africa only accounts for 1.9 percent of the nation’s total trade.

On the sidelines of the main session, Yoon separately held bilateral meetings with the leaders of Kenya, Madagascar, Liberia and Ghana.

Since Friday, Yoon has met 13 African leaders to sign
a slew of agreements to pave the way for expanding trade and investment and cooperation in critical minerals, technology collaboration and joint exploration.

The countries include Sierra Leone, Tanzania, Ethiopia, Lesotho, Ivory Coast, Mauritius, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde.

Source: Yonhap News Agency