Korean, African business leaders discuss stronger economic ties

By Im Yoon-seo Posted : June 5, 2024, 18:57 Updated : June 7, 2024, 07:59
President Yoon Suk-yeol is delivering the keynote speech at the 2024 Korea-Africa Business Summit on June 5 in Seoul Yonhap
President Yoon Suk Yeol speaks at a separate business summit on the sidelines of the Korea-Africa summit in Seoul on June 5, 2024. Yonhap

SEOUL, June 5 (AJU PRESS) - Korea signed a slew of agreements aimed at boosting cooperation with African countries during a business summit held in Seoul, the Ministry of Trade, Industry and Energy said Wednesday.

The business gathering on the sidelines of the inaugural Korea-Africa Summit the previous day to discuss business opportunities was attended by Korean and African government officials, business leaders and prominent African state leaders. Among them were Mohamed Ould Cheikh Mohamed Ahmed Ould Ghazouani, chairperson of the African Union and president of Mauritania, and the presidents of Ghana and Madagascar. 

Under the theme of "The Future We Make Together: Shared Growth, Sustainability, and Solidarity," the summit focused on promoting economic cooperation between Korea and Africa.

In his keynote speech, President Yoon Suk Yeol highlighted over 60 years of cooperation between Korea and Africa, which started with the establishment of diplomatic relations with six African countries in the early 1960s. "The entrepreneurial spirit of businessmen has become the precious foundation of the Korea-Africa partnership," Yoon said, expressing gratitude for their efforts.

Africa's population of over 1.4 billion people along with its rich natural resources and aspirations for economic development were recognized as key factors driving the continent's growth. Various measures to enhance economic cooperation and achieve shared prosperity between Korea and Africa were also proposed. Additionally, Yoon expressed hope to expand resource cooperation with African countries.

Participants stressed the importance of establishing robust economic cooperation frameworks, such as the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF), as a way to significantly boost trade and investment.

They also pledged to strengthen cooperation on tackling climate change initiatives and deliver development assistance tailored to the specific needs of each recipient country.

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