South Korea's Strategic Shift: Strengthening Ties with Africa for Mineral Stability and Economic Growth

South Korean President Yoon Suk Yeol announced plans to boost cooperation with African nations to ensure a stable supply of core minerals and promote economic partnerships. In a historic summit, Yoon committed $10 billion in development aid and $14 billion in export financing to support trade and investment across the continent.

South Korean President Yoon Suk Yeol said on Tuesday the country will step up cooperation with African nations to secure a stable supply of core minerals and it will speed up negotiations to promote economic partnerships.

Hosting a first-ever summit with the leaders of 48 African countries, Yoon said South Korea will 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. "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," Yoon said in his opening remarks at the summit.

He also pledged to offer $14 billion in export financing to promote trade and investment for South Korean companies in African countries. At least 30 heads of state are attending the summit on Tuesday, with delegations from 48 countries participating. Yoon and the chair of African Union, President Mohamed Ould Ghazouani of Mauritania, are due to issue a joint statement, Yoon's office said.

Yoon also met separately with many of the visiting leaders, inking bilateral deals.