South Korea will aim to secure its imports of key minerals and strengthen trade ties with Africa as President Yoon Suk Yeol hosts dozens of the continent’s heads of state at a major summit on Tuesday.
Africa’s abundant mineral resources are considered globally important for sectors ranging from electric vehicle manufacturing to defense industries.
South Korea is one of the world’s largest producers of high-tech semiconductors and is home to major memory chip makers Samsung Electronics and SK hynix.
The East Asian country “is a high-tech manufacturing power, but it relies heavily on imports for more than 95% of its raw mineral needs,” Yoon told AFP in written comments provided by the president’s office.
From cobalt to platinum, African countries have considerable reserves of essential minerals needed for the semiconductor industry – and South Korea hopes to strengthen cooperation with the resource-rich continent to ensure access, a Yoon said.
Seoul hopes to sign a series of agreements with countries participating in the summit and “lay a foundation for comprehensive cooperation, including exchange of information related to critical minerals, technological collaboration and joint exploration”, said Yoon.
Forty-eight African countries will participate, Seoul said. The main summit is scheduled for Tuesday, followed by a trade summit on Wednesday bringing together South Korean and African industry leaders.
“Despite Africa’s importance, trade with the continent accounts for only 1.9 percent of Korea’s total trade,” Yoon said, pointing to the continent’s huge consumer market and population.
Much of South Korea’s current trade with Africa consists of imports of raw materials, such as coal from South Africa, as well as metals, including iron ore and stainless steel. Exports include high-value items such as cars and electronics.
Seoul seeks to “actively support business-to-business exchanges” to boost overall trade, Yoon added.
– Defense, infrastructure –
Africa, home to 1.2 billion people spread across 54 countries, is renowned for its political and economic diversity.
But the challenges are significant for a continent that is among the hardest hit by climate impacts and where hundreds of millions of people do not have access to electricity.
South Korea itself has undergone a rapid transformation, from a dictatorship to a vibrant democracy, and from a poor, war-torn country to Asia’s fourth-largest economy.
The South “has gone from a developing country to an advanced nation in just half a century,” Yoon said, adding that he believes it has a lot of experience to offer, especially in terms of infrastructure development .
South Korea’s Saemaul Undong movement – a civic movement launched in the 1970s to modernize rural communities with a focus on infrastructure development, agricultural production and education – has served as a benchmark for a number of communities Africans.
One of the largest projects by South Korean companies in Africa is Daewoo E&C’s construction of the Kazungula Bridge, which crosses the Zambezi River on the Zambia-Botswana border.
The bridge has reportedly reduced logistics transit time between the two countries from two weeks to two hours.
Yoon said there are “myriad viable projects in which Korea and Africa can collaborate across the entire infrastructure field.”
This could include “building roads, railways, airports and ports; smart city systems, including smart transportation; and establishing master plans,” he added.
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