Monrovia, Liberia – The start of the Korea-Africa Summit in Seoul is a major milestone in strengthening the diplomatic and commercial connections between South Korea and the African continent. Through a series of bilateral talks with visiting heads of state and government leaders, President Yoon Suk Yeol is currently hosting the event.
The summit, which is scheduled to take place on Tuesday and Wednesday, June 4-6, 2024, has a packed schedule designed to promote collaboration and progress among participants.
The framework for the summit was established over the weekend during an earlier meeting of foreign ministers, which produced a common declaration defining important areas of cooperation. African foreign ministers and diplomats actively participated in the conference and agreed to support the start of bilateral discussions for an economic partnership agreement. Expanding economic partnerships is crucial, and one way to do this is by having South Korea participate in infrastructure projects in Africa, according to the discussions.
Madam Sara Beysolow Nyanti, the foreign minister of Liberia, emphasized agriculture and education as two areas that should be prioritized for cooperation. Minister Nyanti reaffirmed Liberia’s dedication to long-term collaborations that create a flourishing future for both continents.
She underlined how important it is for Korea to back multi-country, subregional, and transnational projects like the CLGS energy project. The emphasis on youth employment and climate-smart agriculture was also recognized by Minister Nyanti as essential areas of collaboration.
President Joseph Nyuma Boakai of Liberia will be present in the inaugural session of the summit on Tuesday, June 4, 2024, along with dignitaries from 48 nations. In his remarks, President Boakai is expected to highlight Liberia’s strategic priorities and ambition for improved Korea-Africa relations.
Mohamed Ould Ghazouani, the president of Mauritius, and the chairperson of the African Union will co-chair the summit.
Together with thirteen other events centered around various facets of Korea-Africa ties, the 2024 Korea-Africa Business Summit will be held on Wednesday, June 5, 2024, at South Korea’s Ministry of Trade, Industry, and Energy.
In light of Africa’s growing strategic significance, this summit is in line with President Yoon’s administration’s larger initiatives to increase South Korea’s diplomatic presence and economic connections in the continent. Africa is the continent whose population is expanding at the quickest rate, with 60% of its citizens under 25.
With 1.4 billion inhabitants and a combined GDP of $3.4 trillion, the African Continental Free Trade Area (AfCFTA), which was introduced in 2019, is expected to grow into a major economic force. Deepening bilateral partnerships is fueled by Africa’s abundance of natural resources, which also make the continent an attractive economic partner.
Compared to Japan’s 38 diplomatic outposts, South Korea has a relatively small number of embassies in Africa at the moment just 18 despite its increasing prominence. South Korea is aggressively working to expand its diplomatic presence in the region because it recognizes the vital role that diplomatic presence plays in making it easier for enterprises to enter new markets.
President Yoon hopes to seal many agreements with attending nations during the summit, laying the groundwork for all-encompassing collaboration. Focus areas include cooperative exploration efforts, technology cooperation, and information sharing on essential minerals.
To achieve these goals, it is reported that Liberia will hold two business roundtables with Korean investors, with an emphasis on industries including technology, manufacturing, shipping, agriculture, and fisheries. These interactions should open up important doors for joint ventures and investments, enhancing the advantages that both Korea and Africa stand to gain from a closer alliance.
