2024 KOREA AFRICA SUMMIT: THE FUTURE WE BUILD TOGETHER
Since gaining independence in the 1960s, South Korea has established strong partnerships with several African countries, including Liberia, Egypt, Ethiopia, and South Africa. These African nations provided support to South Korea during the Korean War and have maintained diplomatic relations since then. After the end of the Cold War in the 1990s, South Korea broadened its diplomatic relations with other African countries and achieved African Union Observer Status in 2005. It is through these relations that the Government of the Republic of South Korea decided to invite leaders from various African countries to take part in the Korea Africa Partnership Summit.
The summit’s goal was to enhance diplomatic relations between Korea and Africa to advance peace and prosperity on the African continent. In collaboration with the IPMC Group and the Korea Trade-Investment Promotion Agency (KOTRA), the summit invited Vice Versa Media Ghana to monitor and document the main events. The media was also urged to rally support and engagement in the joint partnership and unity.
Here are the reports from the Korea-Africa Summit.
THE FUTURE WE MAKE TOGETHER
The government of the Republic of Korea has identified two ventures that can foster a better future for both Africa and Korea: businesses and natural resources. To kick off the event, a joint declaration, private memorandums of understanding (MOUs), and a signing ceremony between key African and Korean leaders took place.
Photo Credit: The Republic of Korea Foreign Ministry Affairs
According to the Joint Declaration, both parties agreed on the importance of establishing a strategic partnership built on mutual trust and unity. The Republic of South Korea’s government also highlighted its commitment to supporting Africa by allocating 10 billion US Dollars for projects as part of their expansion of Official Development Assistance. Additionally, in line with Korea’s 2030 vision, around 14 billion US Dollars will be allocated to Korean Companies to promote export activities within Africa.
ENLARGING BUSINESS OPPORTUNITIES
The Korean Government extended invitations to more than 56 African companies and over 150 Korean companies to participate in a Korea-Africa Business partnership meeting on the 4th of June, marking the commencement of the partnership between Korea and Africa. Each African company in attendance was matched with a related Korean enterprise, enabling them to exchange knowledge and ideas, evaluate business capabilities, and pave the way for future collaboration, partnerships, and sustained cooperation.
POWERING THE AFRICA-KOREA GROWTH
During the Business Partnership meeting, diplomats from various African countries engaged in a discussion forum to address the “Untapped Opportunities” between Korea and Africa. The discussions highlighted the difficulties and challenges that hinder significant development in large-scale projects within Africa. It was recognized that Africa has a large supply of natural resources such as power, energy, and minerals, but lacks the necessary funds and infrastructure to turn these resources into finished commodities ready for cross-border collaborations with other countries. In analyzing the African environment, it was identified that one of the issues hindering development is the lack of proper structure in undertaking projects and transparency, both of which stem from the problem of corruption.
Tichaa Johnson Penn, a delegate from the event, highlighted the potential solution to project structure and transparency issues through the deployment of IT systems. “There are other countries with high corruption rates that have still progressed over the years. This should not be the stumbling block. We can find the solution to project structure and transparency through the deployment of IT Systems,” Penn said in an interview.
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