Strengthening Trade, Technology, and Investment Ties: Korea-Africa Summit

Last updated on June 5th, 2024 at 04:06 pm

Attending the first Korea-Africa summit starting on Tuesday, June 3 are delegates from 48 African countries. The two-day negotiations in Seoul are supposed to center on improving trade, technological, and investment relations between South Korea and Africa.

Growing Collaboration

Particularly in relation to minerals and resources, South Korean officials have underlined the need of increasing relations with Africa. Improving the supply chain resilience in important sectors, including batteries, depends on this growth, so it is considered as essential.

“South Korea will increase the Official Development Assistance (ODA) program to roughly $10 billion by 2030 in order to strengthen collaboration with Africa. Furthermore, South Korea would offer $14 billion in export financing to boost commerce and investment from the country in the area.

Less than 2% of South Korea’s overall imports and exports now go toward trade with African countries. This conference represents a major turning point in raising that percentage and developing links between nations economically.

Diverse Minerals Dialogue

The choice to start a bilateral conversation on important minerals marks one of the main results of the conference. Emphasizing the value of natural resources vital for future sectors including electric vehicles, batteries, and renewable energy, this project seeks to solve the volatility of world supply chains.

Released following the summit, a joint statement underlined this priority: “We underline the growing relevance of mineral resources needed for the development of future industries such electric vehicles, batteries, and renewable energy in face of instability of global supply chains.”

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Mutual Advantages and Cooperation

“Expand economic ties and cooperation in supply chain and development with resource-rich countries,” the conference seeks to do. Attending the event are delegations from 48 African countries including 25 heads of state, indicating the great desire in strengthening these ties.

Acknowledging Korea’s leadership in innovative sectors and Africa’s relevance as a globally important area with regard to crucial mineral reserves, the joint statement underlined the need of further cooperation and information sharing. This include supporting the growth of sectors connected to important minerals.

“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit, which will be an important institutional foundation for enhancing cooperation between Korea and Africa,,” the statement said.

On improving cooperative efforts to guarantee the stable supply of vital minerals and support technology cooperation on mutually agreed terms, both sides have voiced a shared perspective. Seoul has promised to increase its Official Development Assistance (ODA) to up to $10 billion by 2030, therefore encouraging cooperative initiatives with Africa.

Dedication for Security and Peace

Reiterating the will to fully implement all pertinent UN Security Council resolutions, the joint statement also addressed concerns over the Korean Peninsula. It underlined the need of worldwide initiatives aiming at a total, verifiable, and permanent denuclearization of the Korean Peninsula.

The Korea-Africa conference marks a major turning point in enhancing the political and commercial connections between South Korea and African countries. Focusing trade, technology, investment, and vital minerals will help the summit create a basis for long-term, mutually beneficial connections. The cooperative efforts started at this conference are poised to propel significant development in both Africa looking to exploit its abundant mineral resources and South Korea seeking to improve supply chain resilience.