by Fiona Nanna, ForeMedia News

Wednesday 5th June 2024, 

12:00PM

In a significant move to bolster global supply chain resilience, South Korean President Yoon Suk Yeol emphasized shared growth, sustainability, and solidarity on the concluding day of the inaugural Korea-Africa Summit.

The summit, held in Seoul, drew prominent industry leaders from both South Korea and Africa. During a key business forum on Wednesday (Jun. 5), President Yoon announced the establishment of a strategic mineral partnership with several African countries.

“Given the unpredictability in the global supply chain caused by geopolitical risks, Africa’s role has become increasingly vital. We aim to forge key mineral partnerships with African nations, expanding mutually beneficial cooperation in resources through a security partnership with countries that share our values,” President Yoon stated.

According to the state news agency Yonhap, African representatives concurred on launching a ministerial-level mineral dialogue to secure a resilient supply chain for resources critical to key technologies.

This outreach is a strategic maneuver by South Korea. Foreign Minister Cho Tae-yul highlighted Africa as an essential partner for Korea’s foreign policy aspirations. Additionally, South Korea’s agriculture ministry announced an agreement to deepen ties with the African Development Bank on Wednesday.

Earlier in the week, Seoul committed to increasing development aid and investments. Delegates from 48 African countries and South Korea adopted a joint declaration to enhance trade, investment, and collaboration on critical minerals and development projects.

Currently, trade with African nations accounts for less than 2% of South Korea’s total imports and exports, signaling significant growth potential in these partnerships.

For more details, visit Yonhap and Korea Times.

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  • Geopolitical Risks and Global Supply Chain Strategies