South Korea will aim to secure critical mineral imports and boost trade ties with Africa as President Yoon Suk Yeol hosts dozens of heads of state from the continent at a major summit on Tuesday.
Africa’s abundant mineral resources are considered important globally for sectors ranging from electric vehicle manufacturing to defense industries, reports BSS.
South Korea is one of the world’s largest producers of high-tech semiconductors, home to top memory chipmakers Samsung Electronics and SK hynix.
The East Asian country “is a high-tech manufacturing powerhouse, but it relies heavily on imports for over 95 percent of its raw mineral needs,” Yoon told AFP in written comments provided by the president’s office.
From cobalt to platinum, countries across Africa have deep reserves of the critical minerals needed to power the semiconductor industry — and South Korea is hoping to boost cooperation with the resource-rich continent to secure access, Yoon said.
Seoul hopes to sign a slew of agreements with countries attending the summit and “lay the foundation for comprehensive cooperation, including the exchange of information related to critical minerals, technological collaboration and joint exploration,” Yoon said.
Forty-eight African countries will attend, Seoul has said. The main summit is set for Tuesday, followed by a business summit involving South Korean and African industry leaders on Wednesday.
“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 is 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 is looking to “actively support business-to-business exchanges,” to boost overall trade, Yoon added.
