The inaugural Korea-Africa Summit has burst into life in the vibrant city of Seoul, South Korea, igniting a fervent call for a committed partnership between Korea and African nations. This historic gathering seeks to unearth fresh avenues for expanding economic ties and bolstering cooperation in supply chains and development, particularly with Africa’s resource-rich countries.
President Yoon Suk Yeol of South Korea made this passionate appeal on Tuesday, as he officially inaugurated the two-day summit. Among the distinguished attendees is Vice President Saulos Klaus Chilima, along with an array of African Heads of State, Government officials, and business leaders, all buzzing with high hopes for a surge in opportunities across trade, agriculture, tourism, and more.
In his speech, President Yoon outlined South Korea’s ambitious plans to deepen trade and investment ties with Africa through a series of strategic agreements, including Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs). He also pledged unwavering support for Africa’s journey towards regional economic integration, championed by the African Continental Free Trade Area (AfCFTA), which was launched in 2019.
“In terms of trade, we will speed up the signing of EPAs and TIPFs. On the investment front, we will expand investment protection agreements to promote exchanges between the two countries’ companies,” he said in his opening address.
The summit has drawn together 48 African countries such as Sierra Leone, Tanzania, Malawi, Ethiopia, Lesotho, Ivory Coast, Mauritius, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde, among others.
The summit is being held under the theme, ‘The Future We Make Together: Shared Growth, Sustainability, and Solidarity’.
