The fifth Ministerial Conference of the Forum on China-Africa Cooperation took place last month in Beijing. The event reaffirmed China’s determination to become a privileged partner for the ongoing economic development of African countries. Now, Beijing’s rising influence in Africa prompted the attention of another emerging Asian economy, South Korea, which is looking at the African context with ever greater interest.

“No matter how the international landscape may change, China will remain unchanged in its commitment to supporting Africa’s peace, stability, development and unity [...] We will continue to stand firm with the African people and forever be a good friend, good partner and good brother of the African people.” With these words pronounced during the opening speech Chinese President Hu Jintao sent a clear signal: the remarkable path witnessed by China-Africa relations during his 10 years in office is set to continue with the next Chinese leadership.

In 2011 Chinese-African trade exchange surpassed $166 billion ― three times higher than the 2006 figure. That is really something, if considered that the U.S., the world’s largest economy, recorded a trade exchange with Africa close to $94 billion the same year. Throughout the last six years Chinese investments in Africa boomed.

The Chinese government poured in more than $15 billion in 50 African countries, building over 100 schools, 30 hospitals, and 30 anti-malaria centers. The Chinese president pledged to provide $20 billion of credit line to African countries “to assist them in developing infrastructure, agriculture, manufacturing and small and medium-sized enterprises.” Furthermore a new initiative run by the Chinese government called “African Talents Program” is going to train 30,000 young Africans, offer 18,000 government scholarships and build vocational training centers in several African countries.

The remarkable results achieved by China spurred South Korea ― Asia’s fourth largest economy and world’s seventh largest exporter ― to reach out to Africa. Diplomatic relations between Seoul and African nations hold a very recent history. They began in the 1960s but actually started to become meaningful only in the late 1990s as Seoul started to work out the “Global Korea” economic diplomacy strategy, with Africa being one of its cornerstones.

Among African countries South Korea is considered an economic model as much as China. From Bamako to Cape Town, African political and economic elites know very well that the tiny Asian country is the only state from the developing world to have become a donor country.

In the last decade the Africa-Korea trade exchange grew four-fold to reach $22 billion in 2011. That is evidence that the chaebol, Korean business conglomerates and the nation’s economic backbone, are looking ever more at the Black Continent as a land of economic opportunity. As The Financial Times recently reported, at the beginning of 2012 Samsung signed a $1 billion preliminary deal to develop a refinery in Gabon.

Korea’s largest company plans to increase its revenues in sub-Saharan Africa from $3 billion to $10 billion by 2015. LG Electronics, the other Korean consumer electronics giant, is going to invest $2.4 billion in research and development in the East and Central Africa.

SK Group and Korea Gas are committed to oil fields exploration in Algeria, Equatorial Guinea, Ivory Coast and Mozambique whereas steelmaker Posco is exploring mine fields in Cameron, Congo, Mozambique and Zimbabwe. In addition, let us not forget that South Korea is one of the biggest players in transnational land acquisitions, with more than 1 million hectares bought all over Africa.

A Standard Chartered report points out that within 2050 a quarter of the world’s population will live in Africa and that Africa’s consumer spending is going to attain $1 trillion by 2020. Be sure that these data have been carefully read by South Korean administration and companies alike. For Seoul, just like Beijing and very much not like many European capitals, understood that Africa is a huge potential driver for its domestic economy. 

By Emanuele Schibotto

The author is Ph.D. candidate in geopolitics at the Guglielmo Marconi University in Rome. He also is editorial coordinator of Equilibri.net, an Italian think tank on geopolitics and international relations. ― Ed.