African Heads of state head to South Korea next week for Summit talks

May 29, 2024 in Foreign News, Investment, Renewable, Trade & Industry by Editor

The world’s 13th largest economy and specifically President Yoon Suk Yeol, will be hosting the African visitors under the theme: ‘The Future We Make Together: Shared Growth, Sustainability, and Solidarity’.

The Republic of Korea is following in the footsteps of other leading industrialized nations, by inviting African heads of state for a summit between June 4 and 5 at the KINTEX International Exhibition Center in Ilsan and Seoul. KINTEX the largest exhibition and convention center in Korea.

The world’s 13^th largest economy and specifically President Yoon Suk Yeol, will be hosting the African visitors under the theme: ‘The Future We Make Together: Shared Growth, Sustainability, and Solidarity’.

On countless occasions African politicians, technocrats and academicians have touted the rapid economic success of South Korea since the late 1960s, as something to admire and emulate. Nevertheless no African country has come even close.

South Korea is the home to the world’s top memory chip makers Samsung Electronics and SK Hynix. Africa meanwhile, is an important source for many of critical minerals needed for semi-conductor chip production and other inputs to make batteries for electric vehicles.

There have been concerns in North America, Europe and Japan, over the Chinese dominance in the raw inputs used in the production of products needed to make the energy transition in light of climate change. Towards the end of last year, China imposed export controls on high-purity and spherical graphite used in EV batteries and semiconductor equipment.

It makes sense for the South Koreans to not only raise their profile across the continent following the increasingly dire economic situation in North Korea, but also work towards negotiating for future supply of these minerals.

Recently, Posco International, a major South Korean steel maker, confirmed arrangements with mining companies in Madagascar and Tanzania to ensure the supply of graphite used in the production of batteries. One IMF study estimated that sub-Saharan Africa holds about 30pc of the volume of proven critical mineral reserves found across the world.

The upcoming summit will feature discussions on collaborative solutions to promote collective strength and solidarity for sustainable development, with a focus on tackling global challenges such as climate change, food security, supply chain stability, and health security.

Designed to be a comprehensive platform for discussion and engagement, the Summit will feature not only a Summit session for the heads of state and international organizations, but also a series of conference sessions across a wide range of topics, including business, agriculture, ICT, forestry and desertification, vaccine and health security, tourism, energy, and more.

According to a recent survey done by the Korea-Africa Foundation, more than two-thirds, or 68.9 pc of Koreans assessed future Korea-Africa relations positively.  The potential of the African continent as seen by the Korean public has jumped to 84.4 pc from 72.5 pc in 2020. Meanwhile, 67.7 pc of Koreans regarded Africa as a partner for economic cooperation, which showed a significant increase from 47.4 pc two years back. The Foundation is an affiliate of the South Korean foreign ministry.

In an interview with a local daily in Seoul, Deputy Minister for Political Affairs Chung Byung-won said, “African countries are no longer merely recipients of aid. They are partners with whom we must collaborate for the future.”

He said, “This summit will serve as a significant turning point in establishing a long-term, sustainable partnership for mutual prosperity and coexistence between Korea and Africa. In particular, we aim to leverage the strengths of both sides to create synergies that foster joint growth and build a sustainable future together.”

The 2024 Korea-Africa Summit is coming in the wake of the 7^th Korea-Africa Economic Cooperation Ministerial Conference held in September 2023. The African Development Bank (AfDB) and Korean government signed two agreements, valued at $28.6 million, to boost Africa’s development agenda.

This funding is primarily for supporting energy access, agricultural transformation, and knowledge and capacity-building across several African countries. It is being disbursed through the African Development Bank Group in three installments of $4.6 million in 2023, and $24 million in 2024 and 2025. The funding complements $600 million in co-financing under the Korea-Africa Energy Investment Framework Korea agreed between the AfDB and the Korean government in 2021.