South Korea and African nations have agreed to launch a dialogue on issues regarding the supply chains of key minerals. 

President Yoon Suk Yeol reached the agreement with leaders and delegations of 48 African nations on the first day of the inaugural Korea-Africa Summit on Tuesday in Gyeonggi Province. 

In a joint statement released after the summit, the two sides said they decided to launch the Korea-Africa Critical Minerals Dialogue which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa.

The statement said the two sides also share a common view on enhancing cooperative efforts to ensure the stable supply of critical minerals and promote technology collaboration related to critical minerals. 

The agreement comes amid growing importance of mineral resources for the development of South Korea’s electric vehicle, battery and renewable energy industries.