South Korea, Africa leaders pledge deeper ties, critical mineral development – by Hyonhee Shin (Reuters – June 4, 2024)

GOYANG, South Korea, June 4 (Reuters) – South Korean President Yoon Suk Yeol and the leaders of African countries agreed on Tuesday to forge deeper trade and business cooperation and launched a “critical minerals dialogue” aimed at sustainable development of the continent’s resources.

Hosting a first-ever summit with the leaders of 48 African nations, Yoon said South Korea would increase development aid for Africa to $10 billion over the next six years as it looks to tap the continent’s rich mineral resources and potential as a vast export market.

“The Critical Minerals Dialogue launched by South Korea and Africa will set an example for a stable supply chain through mutually beneficial cooperation and contribute to sustainable development of mineral resources around the world,” Yoon said in his closing remarks.

He also pledged to offer $14 billion in export financing to promote trade and investment for South Korean companies in Africa.

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