South Korea seeks foothold in Africa

South Korea is hosting 48 African nations at a summit in Seoul to discuss cooperation on key minerals and other development projects in the growing African market, where great powers vie to strengthen their influence.

Africa is a “crucial partner” for South Korea to further its industrial advances and “cooperation with Africa is not a choice but a necessity”, President Yoon Suk Yeol’s deputy national security adviser Kim Tae-hyo was reported by Reuters as saying.

“Africa’s strategic importance has never been greater,” Kim said.

Africa’s lithium and cobalt are key to the growing automotive industry in South Korea as it transitions to electric vehicles.

South Korea is also seeking more trade with Africa and its growing market of 1.4 billion people.

China has rolled out investments and resource-backed loans across Africa, conditioned on the import of critical minerals in countries such as the Democratic Republic of Congo (DRC).

Chinese firms owned or had stakes in 15 of the 19 cobalt producing mines in the DRC which produces more than 70% of the world’s cobalt.