[비즈한국] President Lee Jae-myung is set to strengthen solidarity with the 'Global South' (emerging and developing countries in Asia, Latin America, the Middle East, and Africa). To strategically respond to US-led protectionism and the restructuring of supply chains centered on individual nations, it has become essential to build ties with the Global South, which is rich in natural resources critical to high-tech industries.
President Lee began his schedule for the G20 Summit, held in Johannesburg, South Africa, from this day until the 23rd. The G20 summit, themed "Solidarity, Equality, and Sustainability," consists of three sessions: "Inclusive and Sustainable Economic Growth," "A Resilient World," and "A Fair Future for All." President Lee is scheduled to attend all three sessions and is expected to express his commitment to solidarity, cooperation, and support for the development of African nations, including South Africa.
Latin American and African countries are rich in minerals essential to high-tech industries, such as lithium, cobalt, graphite, platinum-group metals, and manganese. In particular, South Africa, Madagascar, and Tanzania are estimated to have high potential for rare earth deposits. Consequently, the US, China, and Europe are strategically expanding into these countries to secure mineral resources. Among them, China is considered to have the upper hand in preempting cobalt and rare earths by dominating the technology and infrastructure for refining and processing mined minerals. President Lee faces the task of lowering reliance on specific regions for natural mineral supply chains by concretizing resource cooperation plans with Global South nations.
As protectionism intensifies globally due to the economic downturn and US tariff hikes, Global South countries could emerge as new export and investment destinations for South Korea, which has a high dependency on exports. According to IMF (International Monetary Fund) economic forecasts, the average annual GDP growth rate of Global South countries from 2023 to 2029 is 6.3%, higher than the 3.9% of the Global North (Western and developed countries).
President Lee is also expected to demonstrate leadership of inclusion by acting as a bridge between developed nations and the Global South. South Korea is viewed as a model for developing nations, having overcome the ruins of the Korean War to complete the "Miracle on the Han River" and leap from a middle-income country to a developed nation.
Prior to his visit to South Africa for the G20 summit, President Lee paid a state visit to the United Arab Emirates (UAE) from the 17th to the 19th and an official visit to Egypt from the 19th to the 21st. He will conclude his 10-day, 7-night tour of Africa and the Middle East with a state visit to Turkey from the 24th to the 26th.