S. Korea, seeking minerals, pledges deeper Africa ties

STORY: South Korea's President Yoon Suk Yeol and African leaders launched a "critical minerals dialog" on Tuesday (June 4) aimed at sustainable development of the continent's resources.

At a first-ever summit with the leaders and representatives of 48 African countries, they also agreed to forge deeper trade and business cooperation.

That's as South Korea seeks to tap into Africa's rich mineral resources and potential as a vast export market.

"We will seek sustainable ways to work together on issues directly related to future growth, such as stable supplies of key minerals and digital transformation.”

Africa holds 30% of the world's reserves of critical minerals, that are essential to the global energy transition, including chrome, cobalt and manganese.

Yoon's office said partnering with the continent is crucial.

South Korea is one of the world's largest energy buyers.

It's also home to leading semiconductor producers and the world's fifth-largest automaker, Hyundai Motor Group, which is making a push for electrification.

Yoon said South Korea would increase development aid for Africa to $10 billion over the next six years.

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