Yoon urges Korea to partner with Africa on minerals, energy

Industry

Yoon urges Korea to partner with Africa on minerals, energy

Published: 05 Jun. 2024, 18:50 Updated: 05 Jun. 2024, 19:37

LEE JAE-LIM
lee.jaelim@joongang.co.kr

President Yoon Suk Yeol gives a keynote speech at the Korea-Africa business summit held at Lotte Hotel in central Seoul on Wednesday. [YONHAP]

President Yoon Suk Yeol emphasized the importance of establishing mineral partnerships with African countries at the Korea-Africa Summit on Wednesday.

Yoon highlighted Africa’s importance in the backdrop of “recent geopolitical risks, which have increased uncertainties in global supply chain.”

The two-day summit began Tuesday at Kintex in Ilsan, Gyeonggi; and Seoul. A total of 400 government officials, conglomerate leaders and other industry figures, including Hyundai Motor Group Executive Chair Euisun Chung and Lotte Chairman Shin Dong-bin, attended Wednesday's business event at the Lotte Hotel Seoul in central Seoul.

“The world is now paying attention to the young and dynamic Africa,” Yoon said. “With a population of over 1.4 billion, abundant natural resources and a strong aspiration for economic development, Africa is poised for growth.”

Africa currently accounts for only one to two percent of trade and investment, according to Yoon.

“We must significantly increase the scale of trade and investment to narrow the economic distance between Korea and Africa,” he continued. “To facilitate smooth cooperation, we need to establish institutional foundations through agreements like the Comprehensive Economic Partnership Agreement and the Trade and Investment Promotion Framework.”

Hyundai Motor Group Executive Chair Euisun Chung, right, and Lotte Chairman Shin Dong-bin attends the Korea-Africa business summit in central Seoul on Wednesday. [JOINT PRESS CORPS]

Yoon also emphasized the need to collaborate with African countries on the transition to carbon-free energy sources such as nuclear, solar, wind and hydrogen power, due to the continent's abundant resources.

Four sessions focused on industrialization and investment promotion, trade expansion and employment, food and critical mineral security enhancement and decarbonization and responding to climate change followed Yoon’s speech.

Hyundai Motor Vice President Kim Heung-soo also delivered a speech honoring the late Chung Ju-yung, Hyundai Group's founder and honorary chairman. Kim also outlined Hyundai’s various domestic and global projects during Korea’s industrialization as well as the company’s future plans to cooperate with Africa.

LG’s Yoon Chang-ryul, vice president and head of the global strategy development institute, proposed ways to expand trade and investment for a long-term partnership with Africa.

Posco Research Institute CEO and President Park Hyun-sung presented strategies to bolster Africa's role in the global resource supply chain ecosystem and discussed ongoing mineral projects in Tanzania and South Africa.

Doosan Enerbility Vice Chairman Jeong Yeon-in discussed the transition to carbon-free energy in his keynote speech.

Korea signed a total of 12 agreements and 34 memorandums of understanding with African nations during the summit, covering sectors including energy, minerals, infrastructure and manufacturing.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]