Goyang : Leaders of South Korea and African nations agreed Tuesday to launch a high-level dialogue on expanding cooperation on the supply chain of critical minerals as they gathered for a summit focused on boosting economic ties.
President Yoon Suk Yeol hosted the main session of the Korea-Africa Summit attended by delegations from 48 African nations at KINTEX in Ilsan, north of Seoul the leaders adopted a joint declaration on boosting trade and investment, cooperation in critical minerals and development projects, and collaboration on the global stage, YONHAP reported.
During the summit, the leaders underscored the growing importance of mineral resources essential for future industries, such as electric vehicles, batteries and renewable energy, and agreed to launch a ministerial-level dialogue on critical mineral cooperation.
“Recognizing Korea’s leadership in advanced industries and Africa’s importance as a globally significant region for critical mineral reserves, we emphasize the need to expand mutually beneficial cooperation and knowledge sharing, including at the ministerial level, to promote the development of industries related to critical minerals,” the declaration said.
“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit, which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa,” it added.
To facilitate cooperation, Yoon announced South Korea’s plan to expand official development assistance to up to US$10 billion by 2030 and provide export financing of about $14 billion to help Korean companies increase trade and investment in Africa.
The leaders agreed to strengthen institutional frameworks for economic cooperation, such as the Economic Partnership Agreements, Trade and Investment Promotion Frameworks, Double Taxation Avoidance Agreements and Investment Protection Agreements.
In this context, South Korea welcomed African countries’ efforts for the unification of the payment system and one-stop origin management system, which would facilitate access to the mega market with a population of 1.4 billion and a gross domestic product of $3.4 trillion.
“We acknowledge the significant role of Africa for sustainable global economic development, and welcome the efforts to establish a single market and accomplish regional economic integration through the African Continental Free Trade Area,” it said.
