Africa-Korea Summit: Association urges African leaders to advance trade through platform

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Africa-Korea summit

The Africa Korea Economic Development Association (AKEDA), Nigeria chapter has called on African leaders to explore the Korea-Africa Summit 2024 as platform  to advance investment and trade relations between the two parties.

The association reiterated the need for the leaders to adopt sustainable economic partnership framework, increase trade relations and investment, inclusive growth, and upward review of official development aid from Korea in Africa.

AKEDA is a public-private partnership organisation that seeks to promote trade relations and investment between Korea and Africa since its establishment in 2006.

Chairman of AKEDA Nigeria Yuccee Uwah in a statement on Tuesday made the call in view of the summit scheduled for Seoul, Korea, from June 4 to June 5.

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According to him, the partnership between Africa and Korea will help to gravitate towards mutually beneficial outcomes and outputs that support aspirations of everyone.

Yucee said, “The recognition of economy and investment potential of Africa, which receives deserved attention of the government and people of Korea through this auspicious summit is pivotal in the history of Korea-Africa relations in the last 60 years.

“Korea-Africa relations is taking new paths that gives hope for better future for them, therefore, we appeal to African leaders as representatives of more than 1 billion Africans to draft and agree on new economic partnership.

“Such that positions the continent towards sustainable development, create jobs and opportunities and shared prosperity.

“The expectations are for African leaders to identify key development priorities, articulate them and agree on actionable steps that will stimulate economic development in partnership with Korea.”

The chairman explained that AKEDA had led advocacy that deepened trade relations and investment, as well as improved partnership between Korea, and Africa for nearly two decades.

Yucee further described the summit as milestone that has justified advocacy visits to 37 Africa countries, including Nigeria, South Africa, Kenya, Ghana, Angola among others, to deepen Korea-Africa partnership.

“In our view, priorities for the summit should focus on trade and investment, technology, research and development, infrastructure, mining and solid minerals, industrialisation, education, and cultural exchange.

“The presence of Korean owned companies and businesses operating in Africa with others eyeing investing in Africa as next manufacturing base and largest single market.

“Leaders attending the summit need to focus on scaling up opportunities, fostering engagements for trade opportunities and foreign direct investment,” Yucee added.

The association boss also said the summit will be the first in the history of Korea-Africa relations to be hosted by the government of Korea, saying it will attract participants from 54 African countries.

This, according to Yucee, will include Heads of State and Governments, Ministers, policy makers, private sector leaders, multilateral institutions, and United Nations system, regional development banks, among others.

“It will exchange ideas on emerging economic trends, technology, innovative solutions, development models towards the transformation of trade and investment relation between Korea and African countries.

“The summit will also advance advocacy for deepening trade and investment between Africa and Korea, as well as redefine engagement between Korea and Africa.

“The summit represents huge step in the history of Korea-Africa relations under the auspices of Africa Union (AU).

“Africa as the second largest continent with 1.3 billion population and combined Gross Domestic Product (GDP) of 3.1 trillion U.S., dollars, a large market with more young population,” Yucee stated.

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