South Korea – Africa Summit 2024: Aid, Critical Minerals and Access to Market

South Korean President Yoon Suk Yeol, during a significant summit in Seoul with leaders from 48 African countries, emphasised South Korea’s commitment to enhancing cooperation with Africa. The summit, a groundbreaking event, focuses on securing stable supplies of critical minerals and boosting economic partnerships.

President Yoon pledged to bolster development aid to Africa, promising an increase to $10 billion over the next six years. This commitment underscores the continent’s strategic importance, not only as a source of essential minerals like chrome, cobalt, and manganese—of which Africa holds 30% of the global reserves—but also as a burgeoning market for exports.

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In his remarks, President Yoon highlighted the initiative to offer $14 billion in export financing to aid South Korean companies in expanding their trade and investment footprints across Africa. This move is part of a broader strategy to tap into Africa’s rapid market growth and youthful demographic, with 1.4 billion people, the majority under 25 years old.

The summit also saw discussions on fostering sustainable cooperation in key future growth areas, including digital transformation and mineral supply stability. Additionally, Yoon outlined South Korea’s plans to deepen engagements in infrastructure development and green energy, responsive to the pressing issue of climate change affecting Africa.

Former South Korean Ambassador Park Jong-dae suggested that unlike Western and Chinese approaches, which he argued had not fully met Africa’s needs, South Korea offers a unique model focused on human and managerial development.

As the two-day summit continues, it is expected that the discussions will also address global issues, including coordinated efforts against North Korea’s provocations. President Yoon seeks to strengthen alliances with African nations to support peace and stability on the Korean Peninsula and beyond.

By forging these partnerships, South Korea aims not only to enhance its economic and strategic interests but also to contribute positively to Africa’s ambitious initiatives like the African Continental Free Trade Area, promising a new era of shared growth and mutual prosperity.