South Korea Holds Strategic Summit for Minerals and Trade

South Korea Holds Strategic Summit for Minerals and Trade

South Korea is hosting a summit with leaders from 48 African countries, with an emphasis on mineral resources and the continent’s massive export market. According to President Yoon Suk Yeol’s deputy national security adviser, Kim Tae-hyo, plans include aid for industrial infrastructure and digital transformation, with Africa highlighted as a key partner.

Thirty heads of state are expected to attend Tuesday’s summit, while South Korean business leaders will host an investment and industrial development summit on Wednesday. Yoon and President Mohamed Ould Ghazouani of Mauritania, the African Union’s Chair, will deliver a joint statement.

South Korea is an important buyer of energy and semiconductor producers, and Kim pointed out that vital minerals like manganese, cobalt, and chrome are found in Africa. This brought attention to Africa’s strategic importance. Yoon has met with leaders from Sierra Leone, Tanzania, and Ethiopia. Additionally, he plans to meet with heads of state from Zimbabwe, Togo, Rwanda, and Mozambique.

Meanwhile, Tanzania will borrow $2.5 billion from South Korea over the next five years, and Ethiopia has signed a $1 billion financing agreement for infrastructure, research, technology, health, and urban development. By negotiating trade and investment pacts with Africa, South Korea hopes to take advantage of the continent’s 1.4 billion people under 25.