Korea-Africa agree to launch ‘Core Minerals Dialogue’… To strengthen supply chain cooperation
To strengthen global supply chain cooperation between Korea and Africa, we decided to launch the ‘Korea-Africa Core Minerals Dialogue’.
In addition, we decided to make joint efforts to ensure a stable supply of core minerals and promote technological cooperation related to core minerals based on mutual agreement.
President Yoon Seok-yeol adopted a joint declaration containing these contents with the heads of state or national representatives of 48 African countries at the ‘Korea-Africa Summit’ hosted in Gyeonggi-do on the 4th.
Africa holds 30% of the world’s mineral resources, including key raw materials for the fourth industry such as nickel, chromium, manganese, bauxite, cobalt, graphite, and lithium.
The agreement to launch the ‘Korea-Africa Core Minerals Dialogue’ is expected to be the starting point for strengthening global supply chain cooperation.
In a joint press release, President Yoon Seok-yeol said, “The ‘Core Minerals Dialogue’ launched by Korea and Africa will serve as a model example that will contribute to the sustainable development of mineral resources around the world while seeking to stabilize the supply chain through mutually beneficial cooperation.” He said.
Through the joint declaration, Korea and Africa agreed to create a future together based on a solid and mutually beneficial partnership centered on three axes: shared growth, sustainability, and solidarity.
First, in the field of shared growth, the importance of Korea’s efforts to support Africa’s industrialization, promotion of mutually beneficial trade and investment, and strengthening of Korea-Africa business partnerships were emphasized.
In this context, the two sides decided to strengthen the institutional basis for economic cooperation, such as the Economic Partnership Agreement (EPA), the Trade and Investment Promotion Framework (TIPF), the Double Taxation Avoidance Agreement (DTAA), and the Investment Protection Agreement (IPA).
In addition, while welcoming efforts to establish a single market and realize regional economic integration through the African Continental Free Trade Area (AfCFTA), Korea shared lessons learned from its experience in concluding multiple FTAs, and in particular strengthened the capacity of customs authorities and established a one-stop origin management system. We decided to provide support.
Infrastructure cooperation is also promoted. In particular, we plan to apply Korea’s smart infrastructure technology to large-scale projects such as roads, railways, bridges, ports, and airports.
In addition, our government agreed to strengthen education cooperation, including providing science and technology programs, establishing technical and vocational education and training (TVET) schools, and the Korean Government Scholarship Program (GKS).
The two sides also confirmed their willingness to pursue cooperation to promote sustainability in responding to global challenges in the field of sustainability.
In order to respond to climate change, we decided to promote ▲ strengthening cooperation for climate change mitigation and adaptation ▲ cooperation for land and forest protection, marine conservation and biodiversity conservation ▲ strengthening solidarity to establish a climate financial structure that meets African needs. .
In particular, they agreed to strengthen cooperation for food security and sustainable agriculture through agricultural and green Official Development Assistance (ODA) utilizing Korea’s experience and know-how in smart farms and agricultural product processing.
Additionally, both sides emphasized the increasing importance of mineral resources for the development of future industries such as electric vehicles, batteries, and new and renewable energy.
In this respect, recognizing that Korea is a leading country in the high-tech industry and that Africa is an important region in terms of possession of key minerals, there is a need to expand mutually beneficial cooperation and knowledge sharing, including at the level of small and medium-sized enterprises, to promote the development of industries related to core minerals. We had the same perception.
Accordingly, it was decided to launch the ‘Korea-Africa Core Mineral Dialogue’ and to promote joint efforts to promote technological cooperation related to core minerals, investment by Korean companies in Africa, and development of core mineral resources.
Lastly, in the field of solidarity, it included solidarity, peace and security cooperation, and revitalization of human exchanges.
Both sides reaffirmed their commitment to full implementation of Security Council resolutions, while also emphasizing the international community’s efforts to achieve complete, verifiable, and irreversible (CVID) denuclearization of the Korean Peninsula.
As a non-permanent member of the UN Security Council, Korea will continue close cooperation with the A3 (African non-permanent member) countries of the UN Security Council during its term, while also strengthening cooperation on the international stage, including the UN and G20.
Meanwhile, in order to promote cooperation discussed at this summit, Korea plans to expand ODA to Africa to $10 billion by 2030, while also promoting the entry of Korean companies into Africa through export financing worth $14 billion.
In addition, in order to support and inspect the implementation of the results of this summit, it was decided to strengthen the activities of the Korea-Africa Economic Cooperation Ministerial Meeting and the Agriculture Ministerial Meeting, while establishing new high-level consultative bodies such as the Korea Customs Service Commissioners Meeting.
Editor James
