Seoul, South Korea – June 3rd, 2024 – South Korea is forging closer ties with Africa, hosting a major summit this week with leaders from 48 African nations. The agenda? Securing access to Africa’s vast mineral resources and cultivating a massive new export market.
President Yoon Suk Yeol’s administration views Africa as a “crucial partner” for South Korea’s continued economic growth. “Cooperation with Africa is not a choice but a necessity,” declared Kim Tae-hyo, Yoon’s deputy national security advisor. At least 30 African heads of state are attending the summit, which culminates in a joint statement by President Yoon and African Union Chair Mohamed Ould Ghazouani of Mauritania.
South Korea’s keen interest stems from its unique industrial needs. As a world leader in semiconductors and electric vehicles, South Korea relies heavily on critical minerals like chrome, cobalt, and manganese – minerals Africa holds in abundance, with an estimated 30% of global reserves. The summit aims to establish partnerships that ensure a steady supply of these resources.
Beyond resources, South Korea sees Africa’s youthful population (over 1.4 billion, with a majority under 25) as a potential economic powerhouse. The summit includes a dedicated business forum on Wednesday, where South Korean companies will explore investment opportunities in infrastructure development, industrial projects, and food security across the continent.
President Yoon has already begun solidifying these partnerships. Since Friday, he has met with leaders from Sierra Leone, Tanzania, and Ethiopia, securing loan agreements totaling $3.5 billion for infrastructure, science, and technology initiatives. Similar agreements are expected with other nations throughout the summit.
The week-long event goes beyond just trade and investment. South Korea has also pledged to assist African nations with agricultural technology and collaborate on climate change solutions.
