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Picture courtesy: (KTVN) South Korean Leader vows to expand mineral ties with various African countries.
(The Post News)- In a move aimed at securing a stable supply of minerals, Yoon Suk Yeol, the leader of South Korea, is looking to implicate shared growth, sustainability, and solidarity on the last day of the inaugural Africa Summit.
The strategic expansion of South Korea’s mineral resource cooperation with various African countries comes with intense global competition based on key resources important to technological improvements and green energy transitions.
The business forum held in Seoul, South Korea, was also attended by 48 African and local industry leaders on Wednesday, June 5.
This was when the South Korean leader announced that his country would grow in partnership with some nations on the African continent.
A contract worth 30 million US dollars to supply electric transformers in Mozambique was signed by Hyosung Corp, a conglomerate in South Korea.
An agreement was also signed by the industry ministry for Tanzania and Madagascar to work together on important minerals to obtain supplies such as batteries.
Between 23 African countries, there were 47 agreements signed during the summit as Asia’s largest economy pleaded to expand mineral ties with some African countries.
Experts believe that this current expanded cooperation will benefit both sides of the agreement.
African nations stand to benefit from foreign investment that can upgrade their mining sectors and create economic growth opportunities.
“Despite its enormous potential, Africa still accounts for only 1–2% of South Korea’s trade and investment,” Yoon stated at the business summit on Wednesday.
According to the leader, he hopes that the mutually beneficial resource will be expanded as Asia’s fourth-largest economy is expanding its mineral ties with foreign nations.
South Korea would increase development aid amounting to $10 billion in Africa for the upcoming six years and offer $14 billion in export financing to encourage trade and investment for South Korean companies on the African continent.
Critics believe the future looks promising for this international partnership, as global demand for high-tech products continues to rise, South Korea’s mineral ties with African countries appear to play a critical role in shaping the economic landscapes on both sides.
This growing independence shows more than just economic gain; it represents strong relationships between South Korea and a few African nations built on the same interests and benefits.
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