Korea-Africa Summit: Deepening Development Assistance and Cooperation on Essential Minerals

 

South Korea will increase its development aid to Africa and seek closer collaboration with the continent's 1.3 billion residents on vital minerals and technologies. President Yoon Suk Yeol announced this at the first Korea-Africa Summit, which welcomed numerous African leaders.

In his speech, Yoon urged African nations to join the global pressure campaign against North Korea. The North has recently intensified its nuclear-capable missile tests and launched provocative actions, such as sending hundreds of balloons filled with rubbish and manure into South Korea, further straining inter-Korean relations.

Strategic Importance of Africa

Africa's 54 governments form a significant bloc at the United Nations, holding three rotating Security Council seats. At South Korea’s two-day summit, representatives from 48 African countries, including 25 heads of state, focused on trade and investment.

Currently, less than 2% of South Korea’s total imports and exports involve trade with African countries. The summit aims to increase this percentage and strengthen economic ties between the nations.

Cooperation on Critical Minerals

Following the summit, South Korea and African nations announced plans for high-level negotiations to enhance cooperation on critical minerals. Africa is rich in essential minerals like nickel, cobalt, graphite, and lithium, which are crucial for technologies such as semiconductors, batteries, and electric vehicles.

Expanding ties in minerals and other natural resources will bolster South Korea’s supply chain resilience in critical technology sectors. With fewer secured mines compared to the United States, China, and Japan, South Korea faces concerns about ensuring a stable supply of essential minerals.

President Yoon stated that South Korea intends to increase its development aid to Africa to around $10 billion by 2030 and is offering $14 billion in export loans to attract more investment to the region.

Mauritanian President Mohamed Ould Ghazouani, who chairs the African Union and is a new member of the G20, expressed strong interest in South Korean investment in areas such as trade, human capital, infrastructure, food security, and new technology. He highlighted the potential for a “durable partnership.”

The countries also committed to greater cooperation in developing smart cities based on data and intelligent transportation systems as part of sustainable infrastructure projects for Africa. These initiatives are critical given the continent’s current infrastructure challenges.

South Korea's outreach to Africa coincides with North Korea’s efforts to break its diplomatic isolation and foster collaboration with nations opposing the United States. North Korean leader Kim Jong Un has called for a “new Cold War.”

In May, the North Korean foreign ministry declared that its relations with Africa would “continue to develop invariably” and that Pyongyang would support African nations' efforts for “independent development under the banner of non-alignment as well as independence against imperialism.”

Amid a series of North Korean provocations, including an unsuccessful launch of a military surveillance satellite last month, President Yoon highlighted the security situation on the Korean Peninsula. He called for African nations to help pressure North Korea.

“Along with our friends in Africa, South Korea will fully implement U.N. Security Council resolutions and work to safeguard peace on the Korean Peninsula and the international community,” Yoon said.

In a joint statement, South Korea and African countries reaffirmed their commitment to fully implementing U.N. Security Council resolutions against North Korea, emphasizing the “importance of international efforts to achieve a complete, verifiable, and irreversible denuclearization of the Korean Peninsula.”

The Korea-Africa Summit marks a pivotal moment in strengthening political and economic ties between South Korea and African countries. By focusing on development aid, critical minerals, technology, and trade, the summit aims to establish a foundation for long-term, mutually beneficial relationships. The cooperative efforts initiated at this summit are set to drive significant progress in Africa’s exploitation of its mineral wealth and South Korea’s enhancement of supply chain resilience.