President Yoon "Hopes to Enhance Cooperation on Critical Minerals with Resource-Rich Africa"

AFP Interview Related to the Korea-Africa Summit

President Yoon Suk-yeol is having a conversation with Julius Maada Bio, President of Sierra Leone, at the Yongsan Presidential Office building in Seoul on the 31st of last month. [Image source=Yonhap News]

President Yoon Suk-yeol stated on the 2nd, "Countries across Africa possess abundant essential minerals required to power the semiconductor industry, ranging from cobalt to platinum," and added, "Korea hopes to enhance cooperation with resource-rich continents to secure accessibility."

In a written interview with AFP regarding the Korea-Africa Summit, President Yoon said, "Africa's abundant mineral resources are considered globally important in fields ranging from electric vehicle manufacturing to the defense industry." President Yoon will preside over the Korea-Africa Summit held in Seoul on the 4th and 5th.

President Yoon mentioned, "East Asian countries are advanced technology manufacturing powerhouses but heavily rely on imports for more than 95% of their raw ore demand." He continued, "Korea hopes to establish a foundation for comprehensive cooperation with the countries attending the summit, including signing many agreements, exchanging information related to key minerals, technological cooperation, and joint exploration."

President Yoon pointed out, "Despite Africa's importance, trade with Africa accounts for only 1.9% of Korea's total trade." Currently, much of Korea's trade with Africa involves imports of raw materials such as iron ore and stainless steel metals, as well as coal from South Africa. Exports include high value-added items such as automobiles and electronic products.

President Yoon, who mentioned that "Africa, home to 1.2 billion people across 54 countries, is known for its political and economic diversity," explained, "However, the continent faces difficult challenges as it is the most affected by climate impacts, and hundreds of millions of people lack access to electricity."

President Yoon said, "Korea has undergone rapid transformation from an authoritarian state to a vibrant democracy and has become the fourth largest economy in Asia," adding, "Korea can offer its experience accumulated over half a century of development from a developing country to an advanced nation to Africa, particularly contributing to infrastructure development."

He continued, "There appear to be countless projects for cooperation across the entire infrastructure sector," adding, "These projects include infrastructure construction such as roads, railways, airports, and ports, as well as smart city systems like smart transportation and master plan establishment."