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South Korea seeks to expand mineral ties with some African countries

Mauritania President Mohamed Ould Ghazouani speaks during the 2024 Korea-Africa Business Summit at Lotte Hotel in Seoul on June 5, 2024.   -  
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Kim Min-Hee/AP

South Korea

South Korean leader Yoon Suk Yeol vowed shared growth, sustainability and solidarity on the second and final day of the inaugural Korea-Africa Summit.

The business forum in Seoul was attended by local and African industry leaders.

President Yoon announced during a business forum on Wednesday (Jun. 5) that his country will establish a mineral partnership with some nations on the continent.

" Africa's role has become more important due to the unpredictability in the global supply chain caused by geopolitical risks. I hope to establish key minerals partnership with African nations and expand mutually beneficial cooperation in resources through key minerals security partnership with countries that share the same values."

State news agency Yonhap reported that African representatives agreed to launch a ministerial-level mineral dialogue to ensure a resilient supply chain of resources needed for key technologies.

South Korea's outreach to Africa is a strategic move. Minister of Foreign Affairs Cho Tae-yul said Africa is a crucial "partner for Korea in realizing its foreign policy" aspirations.

South Korea's agriculture ministry said Wednesday it agreed to forge deeper ties with the African Development Bank.

On Monday, Seoul vowed to boost development aid and investments. South Korea and delegates from 48 African countries adopted a joint declaration to boost trade and investment and to collaborate on critical minerals and development projects.

Trade with African nations currently accounts for less than 2% of South Korea’s total imports and exports.

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