{"id":2204576,"date":"2024-04-08T16:10:10","date_gmt":"2024-04-08T07:10:10","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204576"},"modified":"2024-04-08T18:18:15","modified_gmt":"2024-04-08T09:18:15","slug":"us-china-trade-war-pushes-south-korean-companies-to-invest-in-africa","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/us-china-trade-war-pushes-south-korean-companies-to-invest-in-africa\/","title":{"rendered":"US-China trade war pushes South Korean companies to invest in Africa"},"content":{"rendered":"

As South Korean companies shift their supply chains to Africa for critical minerals, they face significant challenges due to inconsistent economic policies and a lack of reliability, robust trade financing and continuity.<\/span><\/p>\n

The <\/span>Interbattery Forum 2024<\/span><\/a>, held in Seoul in March, highlighted the intensifying competition between South Korean and Chinese battery-making companies as they fight to expand their market share and secure a stable supply of raw materials.<\/span><\/p>\n

Electric vehicle batteries require critical minerals such as nickel and graphite. South Korean manufacturers have relied heavily on Chinese mines to acquire these minerals, with 95% of the graphite used in South Korean factories in 2023 being <\/span>shipped from China<\/span><\/a>, the world\u2019s top graphite producer.<\/span><\/p>\n

However, increasing tensions between Washington and Beijing have put South Korea in an uncomfortable position, prompting companies to explore alternative sources for critical minerals.<\/span><\/p>\n

The U.S. Inflation Reduction Act (IRA), which aims to shut China out of America\u2019s battery supply chain, offers a <\/span>$7,500 tax credit<\/span><\/a> to manufacturers if most of their batteries\u2019 critical minerals have been extracted or processed in the U.S. or a country with which it shares a free-trade agreement. In response, China has tightened its <\/span>export controls<\/span><\/a> on graphite, a crucial component for lithium-ion batteries.<\/span><\/p>\n

To mitigate these risks and reduce their reliance on China, South Korean companies are turning to Africa, which boasts significant reserves of critical minerals. By investing in African mines and establishing partnerships with local governments and businesses, South Korean firms hope to secure a stable and diversified supply chain for their battery production.<\/span><\/p>\n

\"\"

ROK Trade Minister Cheong Inkyo (right) meets with Moroccan and Tanzanian Ambassadors to Korea Chafik Rachadi and Togolani Mavura, and Charg\u00e9 d’Affaires of the Kenyan Embassy in Korea Kipkosgei Toroitich at a roundtable discussion on the Economic Partnership Agreement, March 20, 2024 | Image: ROK Trade Ministry<\/em><\/p><\/div>\n

INVESTING IN AFRICA<\/b><\/p>\n

South Korean companies like STX Corporation, specializing in shipbuilding and mineral trade, have shifted parts of their supply chains to Africa, particularly Madagascar and Mozambique. These two countries are home to some of the world\u2019s largest graphite reserves, which are said to host <\/span>25 to 26 million tons<\/span><\/a> of this precious mineral.<\/span><\/p>\n

\u201cIn the wake of the U.S. IRA and China\u2019s retaliatory restrictions on graphite exports, tensions are escalating over the global supply of core minerals and raw materials,\u201d Kim Hee-joo from STX\u2019s strategic planning division told <\/span>Korea Pro<\/span><\/i>. \u201cThis is why STX is strengthening its supply chain in Africa.\u201d<\/span><\/p>\n

Larger companies like POSCO, the South Korean leader in steel-making and mineral trade, have followed suit. POSCO signed a <\/span>memorandum of understanding<\/span><\/a> with Canadian mining company Next Source in Aug. 2023 to invest in Madagascar. The company also made a similar deal with Australia\u2019s Black Rock Mining in Tanzania. These contracts aim to secure 90,000 tons of graphite annually for the next 10 to 25 years.<\/span><\/p>\n

POSCO and STX were among the first to operate in Madagascar, initially looking for nickel in 2006.<\/span>
\n<\/span><\/p>\n

\u201cWhen STX began its operations in African countries such as Mozambique and Madagascar, the local governments cooperated closely and actively supported us,\u201d Kim of STX told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

STX has an offtake agreement \u2014 an agreement to buy or sell, in advance, some of a producer\u2019s goods that haven\u2019t yet been produced \u2014 with the Ambatovy mine in Madagascar, one of the world\u2019s three largest nickel mines, with 150 million tons of reserves.<\/span><\/p>\n

Although not profitable initially, the changing geopolitical context boosted the Ambatovy mine.<\/span><\/p>\n

In 2020, the Moon Jae-in administration and POSCO planned to sell their stake in the Ambatovy mine. However, with nickel prices soaring due to Russia\u2019s invasion of Ukraine, the Yoon Suk-yeol administration and POSCO <\/span>reconsidered<\/span><\/a> the plan in 2022 and decided to hold onto the mine. Since the war in Ukraine, the price of nickel has <\/span>skyrocketed by 133%<\/span><\/a>.<\/span><\/p>\n

This year, South Korean companies are shifting their focus to graphite, as exemplified by STX\u2019s additional investment in Mozambique.<\/span><\/p>\n

\u201cAs a result of our investments in Madagascar, STX has been able to operate and expand its business in Africa without any difficulties,\u201d Kim said. With an offtake deal securing 40% of the country\u2019s Kaula mine output, STX plans to play a significant role in the graphite market.<\/span><\/p>\n

\u201cWith a purity of over 94%, the graphite from the Kaula mine is among the highest quality in the world and will be traded steadily,\u201d Kim added.<\/span><\/p>\n

\"\"

ROK Trade Minister Cheong Inkyo chairs the first meeting of the Public-Private Committee for Korea-Africa Economic Cooperation, March 20, 2024 | Image: ROK Trade Ministry<\/em><\/p><\/div>\n

CHALLENGES OF INVESTING IN AFRICA<\/b><\/p>\n

Despite the opportunities, entering the African market can be challenging. For instance, the <\/span>United States International Trade Agency<\/span><\/a> reports that businesses wishing to do business in Madagascar can expect to make significant initial investments.<\/span><\/p>\n

The agency\u2019s report, published in Feb. 2024, states that Madagascar\u2019s limited and dilapidated infrastructure poses significant obstacles. Road and rail transport infrastructure covers only a small fraction of the country. Where transportation infrastructure does exist, it is poorly maintained.<\/span><\/p>\n

These infrastructure constraints limit production and job creation, impose additional costs on traded goods and inhibit potential investors.<\/span><\/p>\n

To navigate these challenges, South Korean companies seek the help of entrepreneurs familiar with African markets.<\/span><\/p>\n

\u201cKorean companies look for three things when doing business in Africa: reliability, robust trade financing and continuity. Unfortunately, African entities struggle with these three things due to the lack of banking and logistics infrastructure and political stability,\u201d Mohammed Elsadig, the CEO of Shamil Insight, a Seoul-based trade firm that helps companies explore business opportunities in Africa, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

Han Seoni, a researcher at the Korean Institute for Economic Policies (KIEP), agreed.<\/span><\/p>\n

\u201cMore generally, economic policies can be inconsistent, with different institutions holding different views. In addition, governments tend to intervene directly in negotiations between companies and can block the process,\u201d Han said.<\/span><\/p>\n

Despite these challenges, Han believes Africa offers significant opportunities, not only in minerals but also in energy.<\/span><\/p>\n

For instance, the South Korean government <\/span>announced<\/span><\/a> in Aug. 2022 that Korea Hydro and Nuclear Power Company won a $2.5 billion bid to construct the El-Dabaa Nuclear Power Plant \u2014 Egypt\u2019s first nuclear power plant.<\/span><\/p>\n

However, Han suggests that South Korean companies might be more inclined to invest in more accessible regions such as Australia or North America in the short term.<\/span><\/p>\n

\u201cTo set up in Africa, Korean companies must offer a package deal. Besides investing in a mine, they also have to offer to build roads, for example,\u201d Han said, noting that this approach would create a win-win situation for both South Korean companies and African governments.<\/span><\/p>\n

The South Korean government recognizes that this shift to Africa requires collaboration between industry and government. Since the beginning of the year, it has increased meetings with its African partners to <\/span>develop future collaborations<\/span><\/a>.<\/span><\/p>\n

For instance, officials from South Korea\u2019s foreign and industry ministries have traveled to Canada to discuss key mineral supply chains at the <\/span>Mineral Security Partnership conference<\/span><\/a>.<\/span><\/p>\n

Trade Minister Cheong Inkyo emphasized the importance of economic cooperation with Africa, given the growth potential and geo-economic importance of the region\u2019s wealth and vast market. To reflect the continent\u2019s growing importance, a <\/span>Korea-Africa economic summit<\/span><\/a> is scheduled to take place in Seoul in June to establish the broad outlines of cooperation between South Korean and African companies.<\/span><\/p>\n

\"\"

An illustration of global trade | Image: Korea Pro<\/em><\/p><\/div>\n

THE ROAD AHEAD<\/b><\/p>\n

As U.S.-China trade tensions intensify, South Korean companies will increasingly face pressure to diversify their critical mineral supply chains. With its vast, untapped reserves and growing strategic importance, Africa will likely attract more attention from South Korean firms in the coming years.<\/span><\/p>\n

However, deciding to invest in Africa will not be easy. Companies must weigh the potential benefits of securing a stable and diversified supply of critical minerals against the significant challenges and costs associated with operating in African markets.<\/span><\/p>\n

While larger corporations can take on these risks, smaller firms may opt for safer and more familiar markets like Australia or North America.<\/span><\/p>\n

Ultimately, the extent to which South Korean companies invest in Africa will depend on a range of factors, including the severity of the U.S.-China trade war, the level of support and cooperation provided by the South Korean and African governments and firms\u2019 ability to mitigate the risks associated with operating in challenging business environments.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

As South Korean companies shift their supply chains to Africa for critical minerals, they face significant challenges due to inconsistent economic policies and a lack of reliability, robust trade financing and continuity. The Interbattery Forum 2024, held in Seoul in March, highlighted the intensifying competition between South Korean and Chinese battery-making companies as they fight […]<\/p>\n","protected":false},"author":10909,"featured_media":2204580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,28],"yoast_head":"\nUS-China trade war pushes South Korean companies to invest in Africa - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/04\/us-china-trade-war-pushes-south-korean-companies-to-invest-in-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US-China trade war pushes South Korean companies to invest in Africa - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"As South Korean companies shift their supply chains to Africa for critical minerals, they face significant challenges due to inconsistent economic policies and a lack of reliability, robust trade financing and continuity. 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