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Thursday, July 25, 2024

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South Korea President Announces Strengthening Trade Relations With Africa

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President Yoon Suk Yeol of South Korea announced on Tuesday that the nation will intensify its collaboration with African countries in order to guarantee a steady supply of vital minerals and expedite talks aimed at advancing trade and economic alliances.

In an attempt to capitalize on the continent’s abundant mineral riches and potential as a sizable export market, Yoon said that South Korea will boost development assistance for Africa to $10 billion over the next six years while hosting the first-ever summit with the leaders of 48 African nations.

“We will seek sustainable ways to work together on issues directly related to future growth, such as stable supplies of key minerals and digital transformation,” Yoon said in his opening remarks.

In addition, he promised to provide $14 billion in export finance to encourage investment and trade for South Korean businesses operating in African nations. Leading semiconductor manufacturers are based in South Korea, which is also one of the biggest energy consumers in the world.

Additionally, the fifth-largest carmaker in the world, Hyundai Motor Group, is based there and is actively pushing electrification.

According to Yoon’s office, it is imperative to collaborate with Africa, which possesses 30% of the world’s deposits of vital minerals like manganese, cobalt, and chrome.

There are 48 national delegations present at the summit, including at least 30 heads of state. According to Yoon’s office, a joint statement with African Union chair Mohamed Ould Ghazouani, the president of Mauritania, is scheduled.

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