South Korea’s Yoon, vows to expand aid contribution, mineral ties with Africa

South Korean President Yoon Suk-yeol and the leaders of African countries agreed on Tuesday to forge deeper trade and business cooperation and launched a “critical minerals dialogue” aimed at sustainable development of the continent’s resources.

Hosting a first-ever summit with the leaders of 48 African nations, Yoon said South Korea would increase development aid for Africa to US$10 billion over the next six years as it looks to tap the continent’s rich mineral resources and potential as a vast export market.

“The Critical Minerals Dialogue launched by South Korea and Africa will set an example for a stable supply chain through mutually beneficial cooperation and contribute to sustainable development of mineral resources around the world,” Yoon said in his closing remarks.

He also pledged to offer US$14 billion in export financing to promote trade and investment for South Korean companies in Africa.

South Korea is one of the world’s largest energy buyers and is home to leading semiconductor producers. It is also home to the world’s fifth-largest carmaker, Hyundai Motor Group, which is making a push for electrification.

Partnering with Africa, which has 30 per cent of the world’s reserves of critical minerals including chrome, cobalt and manganese, is crucial, Yoon’s office has said.

In a joint declaration issued by South Korea, the African Union (AU) and its member nations, the leaders pledged to speed up talks for economic partnership agreements and trade and investment promotion frameworks.

They also called for advancing cooperation for Africa’s food security with South Korea’s support with agricultural technology and smart farming.

African leaders welcomed South Korea’s “Tech4Africa” initiative aimed at supporting the