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South Korea and some African nations have announced plans to strengthen trade and business relations, launching a “critical minerals dialogue” for sustainable resource development.

During the first-ever summit with leaders from 48 African nations, South Korean President Yoon Suk Yeol committed to increasing development aid for Africa to $10 billion over the next six years. This initiative aims to tap into Africa’s rich mineral resources and burgeoning export market.

In addition to development aid, Yoon pledged $14 billion in export financing to bolster trade and investment for South Korean businesses in Africa. Notably, South Korea is a major energy consumer and a hub for leading semiconductor producers, as well as the automotive giant Hyundai Motor Group, which is moving forward with a fully electric fleet. Partnering with Africa, which holds 30% of the world’s critical mineral reserves, including chrome, cobalt, and manganese, is deemed essential for South Korea’s business sector.

During the summit, leaders also sought to enhance cooperation on food security through South Korea’s agricultural technology and smart farming initiatives.