South Korean President Yoon Suk Yeol committed to fostering shared growth, sustainability, and solidarity during the closing day of the inaugural Korea-Africa Summit. The event, held in Seoul, brought together industry leaders from both South Korea and African nations.
On Wednesday, June 5, President Yoon announced the establishment of a mineral partnership with several African countries during a business forum. He highlighted Africa’s growing importance in the global supply chain amid geopolitical uncertainties, stating, “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 partnerships with African nations and expand mutually beneficial cooperation in resources through key minerals security partnerships with countries that share the same values.”
The state news agency Yonhap reported that African representatives at the forum agreed to initiate a ministerial-level mineral dialogue to ensure a resilient supply chain for resources essential to key technologies.
South Korea’s strategic outreach to Africa aligns with its broader foreign policy goals. Minister of Foreign Affairs Cho Tae-yul emphasized Africa’s significance, calling it a crucial “partner for Korea in realizing its foreign policy” ambitions.
In addition to mineral partnerships, South Korea’s agriculture ministry announced plans to deepen ties with the African Development Bank. This move is part of Seoul’s broader commitment to enhancing development aid and investments, as affirmed in a joint declaration adopted by South Korea and delegates from 48 African countries. The declaration aims to boost trade, investment, and collaboration on critical minerals and development projects.
Currently, trade with African nations accounts for less than 2% of South Korea’s total imports and exports. However, the commitments made at the Korea-Africa Summit signal a strategic effort to strengthen economic ties and cooperation between South Korea and the African continent.
