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0 President Yoon Seok-yeol attends ‘2024 Korea-Africa Business Summit’
63rd year of Korea-Africa cooperation… “Expanding resource cooperation through core mineral partnerships”
- Reporter nameReporter Nam Gi-woong, Mobile Reporting Department
- Entered 2024.06.05 20:37
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“We signed the EPA and TIPF so that companies can carry out trade and investment activities smoothly.”
[Mobile Reporter Nam Ki-woong] President Yoon Seok-yeol said on the 5th, “We will build core mineral partnerships with major African countries and establish a core mineral security consultative body between multiple countries that share values.” “We hope that mutually beneficial resource cooperation will expand through partnerships,” he said.
President Yoon, who attended the ‘2024 Korea-Africa Business Summit’ on this day, said in his keynote speech, “This year marks the 63rd year of Korea-Africa cooperation, which began with the establishment of diplomatic relations between Korea and six African countries in 1961.”
He continued, “Currently, the Korean government has established diplomatic relations with all UN member states in Africa and is maintaining friendly relations with 54 countries.” He expressed his gratitude by saying, “The entrepreneurial spirit of businesspeople has become a valuable foundation for today’s Korea-Africa partnership.”
Meanwhile, the event was prepared to discuss ways to promote economic cooperation between Korea and Africa under the theme of ‘Creating a Future Together: Shared Growth, Sustainability, and Solidarity’.
President Yoon emphasized that Africa’s population of over 1.4 billion people, abundant natural resources, and Africa’s desire for economic development are the driving forces behind Africa’s growth, and together with Korean-African business leaders, he proposed economic cooperation measures for the common prosperity of Korea and Africa. did.
He also emphasized that the economic distance between Korea and Africa must first be narrowed by dramatically increasing trade and investment.
Accordingly, the government announced that it will begin by concluding an Economic Partnership Agreement (EPA) and a Trade and Investment Promotion Framework (TIPF) to solidify the institutional foundation so that companies can smoothly engage in trade and investment activities.
In addition, he emphasized that Africa’s role is receiving great attention as uncertainty in the global supply chain has recently increased due to geopolitical risks.
At the same time, he said he hopes to establish a ‘core minerals partnership’ with major African countries and expand mutually beneficial resource cooperation through the Core Minerals Security Partnership (MSP), a multi-country consultative body.
In particular, President Yoon emphasized that climate change is also a problem that everyone faces, and that a transition to carbon-free energy (CFE) such as nuclear power, solar power, and hydrogen is essential to solve climate change, and hoped to expand cooperation with Korean companies for energy transition. He mentioned that he was looking forward to it.
In addition, he emphasized the need to work together to bridge the gap within the African region and promised to pursue development cooperation tailored to the needs of official development assistance recipient countries.
Meanwhile, this event held on the occasion of the Korea-Africa Summit included figures from the Korean and African governments and business circles, as well as African Union (AU) Chairman and Mauritanian President Mohamed Ould Sheikh El Ghazani, Côte d’Ivoire President Alassane Ouattara, and Postin Arc. African leaders also attended, including President Anze Touadera of the Central African Republic, Nana Addo Dankwa Akufo-Addo, President of Ghana, Mokweetsi Eric Masisi, President of Botswana, President Andri Nirina Rajuelina of Madagascar, and President Umaru Sisoku Embalo of Guinea-Bissau.
In addition, heads of economic organizations in Korea and Africa, including Korea International Trade Association Chairman Yoon Jin-sik, African Union (AU) Executive Chairman Musa Faki Mahamat, African Continental Free Trade Area (AfCFTA) Secretary-General Wemkele Kebetswe Mene, Hyundai Motor Group Chairman Chung Eui-sun, and Lotte Shin Dong-bin. About 400 people, including the group chairman and other businessmen, attended.
The following is the full text of President Yoon’s keynote speech at the Korea-Africa Business Summit.
President of Mauritania Mohamed Ould Sheikh El Ghazani, African leaders, and Korean and African business leaders, nice to meet you.
Today, business leaders from Korea and Africa gathered together to host the Korea-Africa Business Summit.
This year marks the 63rd anniversary of Korea-Africa cooperation, which began with the establishment of diplomatic relations between Korea and six African countries in 1961. Currently, the Korean government has established diplomatic relations with all UN member states in Africa and is maintaining friendly relations with 54 countries.
After all, the real protagonists of exchange and cooperation are business people. Our first generation of entrepreneurs went to Sudan, a country with no diplomatic ties, and built a tire factory and a major waterway that crossed thousands of kilometers of the Libyan desert.
Now, by working together to create a variety of products ranging from TVs and air conditioners to tablet PCs, we are creating good jobs and improving technological capabilities in Africa.
Your entrepreneurial spirit has become a valuable foundation for today’s Korea-Africa partnership. Thank you once again for your hard work.
Now the world is paying attention to young Africa. Africa’s population of over 1.4 billion people, abundant natural resources, and desire for economic development are the driving forces behind Africa’s growth.
At the Korea-Africa Summit yesterday, I was able to feel the strong will of African leaders to enrich their countries and people. And here today, with Korean and African business leaders, I would like to propose a direction for economic cooperation for the common prosperity of Korea and Africa.
First, we must narrow the economic distance between Korea and Africa by dramatically increasing the scale of trade and investment. Despite its enormous potential, Africa’s share of Korea’s trade and investment still only amounts to 1-2%.
With the launch of the African Continental Free Trade Area in 2021, Africa is now developing into the world’s largest single market. To enable companies to smoothly engage in trade and investment activities, we must first establish an institutional foundation by concluding the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF).
We ask business leaders to more actively promote private exchanges centered on the Korea-Africa Economic Cooperation Committee.
In the face of complex global crises, mutual solidarity and cooperation have become more important than ever. Recently, as uncertainty in the global supply chain has increased due to geopolitical risks, Africa’s role has been receiving great attention.
We hope to establish a core minerals partnership with major African countries and expand mutually beneficial resource cooperation through the Core Minerals Security Partnership, a consultative body between multiple countries that share values.
Climate change is also a problem we all face. To solve climate change, a transition to carbon-free energy such as nuclear power, solar power, wind power, and hydrogen is essential.
Economic growth inevitably requires a lot of electricity. We look forward to expanding cooperation with Korean companies with the world’s best construction capabilities and operational know-how.
We must also work together to bridge the gap within the African region. When the Korean War broke out, Africa willingly sent troops and materials and together protected the freedom of the Korean Peninsula.
With Africa’s help, South Korea was able to achieve the remarkable development it has today. Now, Korea will join Africa.
I promised to expand Korea’s official development assistance at the United Nations General Assembly last September, and increased this year’s ODA budget by more than 30% compared to the previous year. We will pursue customized development cooperation tailored to the needs of recipient countries.
A representative example is the K-Rice Belt project, which produces and distributes rice seeds with higher yields to African countries struggling with food self-sufficiency. Last year, 2,300 tons of rice seeds were harvested, and we plan to increase the harvest to 10,000 tons by 2027.
We hope that the first Korea-Africa Summit held this year will be a turning point in substantive cooperation between Korea and Africa. I will take the lead for the future that Korea and Africa will create together. thank you.
Reporter Nam Gi-woong, Mobile Reporting Department nkw778@hanmail.net
