Yoon, Joint Press Release at Korea-Africa Summit
Model Case for Sustainable Development of Mineral Resources
"Many Leaders Visit Korea, Expecting Partnership"
President Yoon Suk-yeol is speaking at the joint press conference of the 2024 Korea-Africa Summit held on the 4th at KINTEX in Goyang-si, Gyeonggi Province. [Image source=Yonhap News]
President Yoon Suk-yeol announced on the 4th, on the occasion of the Korea-Africa Summit, that a 'Critical Minerals Dialogue' consultative body will be launched between Korea and African countries, stating, "It will serve as a model case contributing to the sustainable development of mineral resources worldwide."
President Yoon explained at a joint press conference held after the closing of the Korea-Africa Summit that afternoon, "The 'Critical Minerals Dialogue' launched this time between Korea and Africa will seek to stabilize supply chains through mutually beneficial cooperation."
The press conference was held together with Mohamed Ould Ghazouani, President of Mauritania and Chairperson of the African Union (AU), who co-hosted this summit.
President Yoon said, "Despite the geographical distance, Korea and Africa have continued cooperation as partners sharing aspirations for development," adding, "At today's meeting, which opens a new chapter in Korea-Africa relations, participants engaged in in-depth discussions on concrete measures for a 'future made together.'"
Through the joint declaration, President Yoon explained that Korea and African countries agreed to sign an Economic Partnership Agreement (EPA) and a Trade and Investment Promotion Framework (TIPF), and "to further expand mutually beneficial trade and investment cooperation, they decided to strengthen the institutional foundation for expanding trade and investment in line with the realization of the African Continental Free Trade Area (AfCFTA)."
He added, "Korea will develop a more efficient system of concessional and non-concessional aid according to the actual needs of each African country," emphasizing, "to this end, the scale of Official Development Assistance (ODA) will be expanded to about 10 billion dollars by 2030."
President Yoon also stated that export financing worth approximately 14 billion dollars will be provided to related companies to facilitate the smooth entry of Korean companies into Africa, saying, "Based on this, our excellent companies will actively enter Africa and contribute to the sustainable expansion of infrastructure."
Given Africa's high growth potential, with 60% of its population under the age of 25, investment in education is crucial. He added, "Through the 'Tech 4 Africa' initiative, Korea will actively promote capacity-building programs in the digital sector."
President Yoon conveyed that to promote sustainable development with Africa, a climate finance structure reflecting Africa's climate response needs will be established, and projects to strengthen food self-sufficiency capabilities, such as the K-Rice Belt, will also be expanded.
The joint declaration also included a commitment for Korea and Africa to stand firmly united for international peace and security.
President Yoon said, "With Korea's non-permanent membership on the United Nations Security Council in 2024 and 2025, cooperation with Africa on the international stage will be further strengthened," adding, "Participants also reaffirmed the principle that all members of the international community must faithfully implement Security Council resolutions to achieve the complete denuclearization of the Korean Peninsula."
To ensure the smooth implementation of the cooperative projects included in the joint declaration, President Yoon added that high-level sectoral cooperation bodies such as the Korea-Africa Economic Cooperation Conference (KOAFEC) and the Agriculture Ministers' Meeting will be actively operated.
President Yoon said, "Since my first year in office, I have emphasized the importance of cooperation with Africa under the vision of becoming a 'global pivotal state,'" adding, "The fact that so many African leaders and representatives have traveled all the way to distant Korea shows their expectations and trust in the partnership with the Republic of Korea."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
