Korea, Africa agree on stable supply, development of critical minerals

President Yoon Suk Yeol and Mauritanian President Mohamed Ould Ghazouani, chair of the African Union, attend a joint press conference following the 2024 Korea-Africa Summit at Kintex, Goyang, Gyeonggi Province, Tuesday. Yonhap

Korea will launch a high-level dialogue with African nations to ensure a stable supply of key minerals through cooperation with the resource-rich countries, President Yoon Suk Yeol announced following the inaugural Korea-Africa Summit, Tuesday.

The Critical Minerals Dialogue aims to identify opportunities for Korean companies to invest in Africa and add value to the development of critical mineral resources so that the collaboration may contribute to creating job opportunities and revitalizing local economies.

“The Critical Minerals Dialogue being launched between Korea and Africa aims to stabilize supply chains through mutually beneficial cooperation. This initiative will also serve as a model example of sustainable development of global mineral resources,” Yoon said during a televised press conference.

The conference was jointly held with Mauritanian President Mohamed Ould Ghazouani, chair of the African Union (AU), who co-chaired the summit.

“Recognizing Korea’s leadership in advanced industries and Africa’s significance as a globally important region for critical mineral reserves, we emphasize the need to expand mutually beneficial cooperation and knowledge sharing, including at the minilateral level, to promote the development of industries related to critical minerals,” a joint declaration announced by Yoon and Ghazouani read.

The Korean president also announced that Korea will bolster its official development assistance (ODA) fund to African nations to $10 billion by 2030, while providing $14 billion of export financing to Korean firms to stimulate Korean investments across Africa. The country’s ODA budget for Africa was $590 million in 2021.

Emphasizing the need for a robust institutional framework to facilitate seamless economic cooperation, Yoon also expressed Korea’s commitment to expediting the conclusion of Economic Partnership Agreements (EPA) and Trade and Investment Promotion Frameworks with African nations. He also vowed to support Africa’s efforts toward regional economic integration through the African Continental Free Trade Agreement (AfCFTA) launched in 2019.

The two sides also agreed to increase joint efforts to overcome transnational crises such as climate change, pandemics, natural 카지노사이트킹 disasters, food insecurity and supply chain disruptions, underscoring the importance of fostering partnerships founded on three key values — mutual growth, sustainability and co-prosperity.

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