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Day 2 of Korea African Summit Sees Signing Of Many Deals

The second day, June 5, of the two day Korea Africa Summit saw the signing many deals and agreements among the 48 African countries who attended According to a statement by the Korean Industry ministry agreements were signed in the areas including mining, energy and manufacturing, These included agreements to cooperate on critical minerals in such areas as batteries with Madagascar ,and Tanzania. Some 47 agreements with 23 African countries were signed during the summit.

“Despite its enormous potential, Africa still accounts for only 1-2% of South Korea’s trade and investment..,” South Korean President Yoon Suk Yeol told the meeting of about 200 political and industry leaders from African countries and South Korea. “My hope is that mutually beneficial resource cooperation will be expanded.”

The Summit participants also agreed to launch the Korea-Africa Critical Minerals Dialogue as an institutional foundation for enhancing cooperation.

“Recognizing [South] Korea’s leadership in advanced industries and Africa’s importance as a globally significant region for critical mineral reserves, we emphasize the need to expand mutually beneficial cooperation and knowledge sharing, including at the mini-lateral level, to promote the development of industries related to critical minerals,” said a joint declaration.

South Korea’s Ministry of Trade, Industry and Energy classified 10 minerals, including lithium, nickel, cobalt, manganese and graphite, as being of “critical” importance for Korean industry

“When I was looking at the list of the 10 critical raw materials that are identified by [South] Korea, I think Namibia is able to provide all except two,” Nangula Uaandja, chair and CEO at the Namibia Investment Promotion and Development Board, said at the 2024 Korea-Africa Energy Investment Forum on the sidelines of the Summit.