Korea, Africa agree on stable supply, development of critical minerals

President Yoon Suk Yeol and Mauritanian President Mohamed Ould Ghazouani, chair of the African Union, attend a joint press conference following the 2024 Korea-Africa Summit at Kintex, Goyang, Gyeonggi Province, Tuesday. Yonhap

By Lee Hyo-jin

• Published Jun 4, 2024 4:40 PM KST
• Updated Jun 5, 2024 3:26 PM KST

Korea will launch a high-level dialogue with African nations to ensure a stable supply of key minerals through cooperation with the resource-rich countries, President Yoon Suk Yeol announced following the inaugural Korea-Africa Summit, Tuesday.

The Critical Minerals Dialogue aims to identify opportunities for Korean companies to invest in Africa and add value to the development of critical mineral resources so that the collaboration may contribute to creating job opportunities and revitalizing local economies.

"The Critical Minerals Dialogue being launched between Korea and Africa aims to stabilize supply chains through mutually beneficial cooperation. This initiative will also serve as a model example of sustainable development of global mineral resources," Yoon said during a televised press conference.

The conference was jointly held with Mauritanian President Mohamed Ould Ghazouani, chair of the African Union (AU), who co-chaired the summit.

"Recognizing Korea’s leadership in advanced industries and Africa’s significance as a globally important region for critical mineral reserves, we emphasize the need to expand mutually beneficial cooperation and knowledge sharing, including at the minilateral level, to promote the development of industries related to critical minerals," a joint declaration announced by Yoon and Ghazouani read.

The Korean president also announced that Korea will bolster its official development assistance (ODA) fund to African nations to $10 billion by 2030, while providing $14 billion of export financing to Korean firms to stimulate Korean investments across Africa. The country's ODA budget for Africa was $590 million in 2021.

Emphasizing the need for a robust institutional framework to facilitate seamless economic cooperation, Yoon also expressed Korea's commitment to expediting the conclusion of Economic Partnership Agreements (EPA) and Trade and Investment Promotion Frameworks with African nations. He also vowed to support Africa's efforts toward regional economic integration through the African Continental Free Trade Agreement (AfCFTA) launched in 2019.

The two sides also agreed to increase joint efforts to overcome transnational crises such as climate change, pandemics, natural disasters, food insecurity and supply chain disruptions, underscoring the importance of fostering partnerships founded on three key values — mutual growth, sustainability and co-prosperity.

"The leaders and representatives of participating countries have agreed to establish a climate finance architecture that reflects Africa's climate response needs and jointly address the global threat of climate change," Yoon said during the press conference.

The two sides also agreed to launch new high-level consultative bodies, such as the Customs Commissioners Meeting and Chief Statisticians Meeting, as part of efforts to regularly review and support the implementation of the commitments made during the summit.

Earlier in the day, the first-ever Korea-Africa Summit kicked off its two-day run at Kintex in Goyang, Gyeonggi Province, gathering delegations from 48 African countries, 25 of whom were state leaders. Heads of international organizations such as the AU, Africa Development Bank, AfCFTA and Africa Center for Disease Control also took part.

"Today's event marks Korea's inaugural multilateral summit with African nations. This occasion affirms that African countries are key partners in realizing Korea's goal of becoming a global pivotal state," Yoon said in his speech during the opening ceremony.

"By combining Africa's youthful energy and abundant resources with Korea's advanced technology and diverse expertise, I believe we can deliver sustainable solutions to global challenges," Yoon said.

On the security front, the president pledged that Korea, along with what he described as "friends in Africa," will strive to uphold peace on the Korean Peninsula and in the international community by thoroughly implementing U.N. Security Council resolutions.

Earlier this year, Korea began its two-year term as a non-permanent Security Council member.

In his welcoming remarks, the Mauritanian president expressed aspirations for an elevated partnership between Korea and African nations.

"It is essential to prioritize cooperation in key areas, particularly infrastructure, technology, agriculture, health and mining resources, as well as education and skills training," Ghazouani said.

Following the main session, Yoon hosted a luncheon for the African delegations.

Later in the day, the Korean president held separate bilateral meetings with the leaders of Kenya, Madagascar, Liberia and Ghana. Since Friday, Yoon has held separate talks with over 10 African leaders on the sidelines of the multilateral gathering.

A total of 12 agreements and 34 memoranda of understanding were signed at the summit, according to the presidential office. These documents covered various areas, including key mineral cooperation, infrastructure and mobility, trade and investment, medicine and health, marine and fisheries and agriculture.

The summit was part of the Yoon administration's efforts to expand Korea's ties with African nations as the region's strategic importance grows.

Africa is a young continent, with 60 percent of its population aged 25 and under. The African Continental Free Trade Area, launched in 2019, has turned the vast region into a single market with a population of approximately 1.4 billion and a GDP of $3.4 trillion. Furthermore, the region holds 30 percent of the world's key raw materials that are essential components of next-generation batteries.