UPDATE - S. Korea, African nations launch dialogue on critical minerals

UPDATES WITH DETAILS FROM JOINT STATEMENT, CHANGES HEADER, DECK, INTRO; EDITS THROUGH

By Riyaz ul Khaliq

ISTANBUL (AA) - South Korea and African nations Tuesday decided to launch a bilateral dialogue on critical minerals.

It was decided at the inaugural Korea-Africa summit in Seoul.

“In the face of instability of global supply chains, we emphasize the increasing importance of mineral resources needed for the development of future industries such as electric vehicles, batteries, and renewable energy,” said a joint statement released after the summit.

The summit kicked off in Seoul on Tuesday which aims to “expand economic ties and cooperation in supply chain and development with the resource-rich countries.”

Delegations from 48 African nations, including 25 heads of state, are attending the Korea-Africa Summit.

“Recognizing Korea's leadership in advanced industries and Africa's importance as a globally significant region for critical mineral reserves,” the statement said: “We emphasize the need to expand mutually beneficial cooperation and knowledge sharing, including at the minilateral level, to promote the development of industries related to critical minerals.”

“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa,” the statement added.

The two sides said they share a “common view on enhancing cooperative efforts to ensure the stable supply of critical minerals and promote technology collaboration related to critical minerals on mutually agreed terms.”

Seoul also pledged to expand its Official Development Assistance up to $10 billion by 2030 as a catalyst for projects for cooperation with Africa.

Regarding the Korean Peninsula, the joint statement said the two sides reaffirmed their “commitment to the full implementation of all relevant UN Security Council resolutions.”

“We highlight the importance of the efforts of the international community to achieve a complete, verifiable, and irreversible denuclearization of the Korean Peninsula,” it added.