Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Korea should source more key minerals from Africa: KITA chair
Koo Ja-yeol, chairman of the Korea International Trade Association (KITA), speaks of the importance to enhance cooperation with African nations during a networking event held at the Shilla Hotel in Seoul, Monday. Courtesy of KITA
By Kim Hyun-bin
By Kim Hyun-bin
Africa is a region that can be a new alternative to diversifying the supply chain for key minerals, Koo Ja-yeol, chairman of the Korea International Trade Association (KITA), said Monday.
Koo made the remarks during a business networking event hosting 12 African ambassadors to Korea at the Shilla Hotel in Seoul.
"In the future, we will cooperate in core mineral supply chains, green energy, biotechnology, beyond official development assistance (ODA). We need to expand and build a mutually beneficial and future-oriented cooperative relationship,” the chairman said.
“We will support more Korean companies to advance into Africa and contribute to Africa's green growth, digital transformation and strengthening manufacturing,” he said.
Africa's share of Korea's trade is low at less than 2 percent, but trade has been increasing since the start of the pandemic. Korea's exports and imports to Africa reached $9 billion and $6.8 billion, respectively, as of last year, up 57.3 percent and 63.4 percent from the previous year.
Africa is a continent with abundant energy resources such as oil and natural gas and rare minerals such as nickel and cobalt. South Africa and the Democratic Republic of the Congo account for 70 percent of the world's platinum and cobalt production, respectively. Zambia has 19 million tons of copper reserves, the ninth in the world, and the fourth in production. It also has 270,000 tons of cobalt reserves, the fourth-largest in the world.
In the digital sector, Korean companies are contributing to infrastructure expansion by installing high-speed internet networks and establishing data centers in Africa. In addition, Korean companies are promoting the construction of new nuclear and renewable energy power generation facilities in Africa.
“Africa possesses a large number of key minerals such as platinum, cobalt and copper, so cooperation with Korean battery companies is also promising,” KITA said.