From Kenneth Udeh, Abuja
Ahead of the Korea Africa Summit 2024 scheduled for Seoul, Korea, from June 4 and 5, a private-public sector group, Africa Korea Economic Development Association (AKEDA), has challenged African leaders to utilise the opportunity offered by the summit to adopt sustainable economic partnership framework aimed at increasing trade relations and investment, inclusive growth, and upward review of official development aid from Korea in Africa.
The summit, the first in the history of Korea-Africa relations to be hosted by the government of Korea, would have in attendance participants from 54 African countries including heads of state and government, ministers, policymakers, private sector leaders, multilateral institutions, and United Nations system, regional development banks, among others.
According to a statement issued by the group’s Chairman Yuccee Uwah on Tuesday, the conference will promote trade and investment between Africa and Korea, while expressing optimism on positive outcomes of the summit, which would redefine engagement between Korea and Africa.
While charging African leaders to use the opportunity to advocate for the African continent, Yuccee added that the summit represents a huge step in the history of Korea-Africa relations under the auspices of the African Union (AU).
The statement reads in parts, “Africa has the second largest continent with 1.3 billion population, and combined gross domestic product (GDP), 3.1 trillion U.S dollars, a large market with more young population.
“The partnership between Africa and Korea would gravitate towards mutually beneficial outcomes and outputs that support the aspirations of everyone.
“The recognition of economy and investment potentials of Africa, which receives deserved attention of the government and people of Korea, through the decision to host this auspicious summit is pivotal in the history of Korea-Africa relations in the last 60 years.”
The Chairman of AKEDA, which also facilitates business and investment tours to Africa, expressed that Korea Africa relations are taking new paths that give hope for a better future for both Korea and Africa.
Yuccee appealed to African leaders as representatives of over 1 billion Africans to draft and agree on a new economic partnership that positions the continent towards sustainable development, creating jobs and opportunities and shared prosperity.
He said: “The expectations are for African leaders to identify key development priorities, articulate them and agree on actionable steps that would stimulate economic development in partnership with Korea.”
According to him, AKEDA has led advocacy for deepening trade relations and investment as well as improving partnership between Korea, and Africa for nearly two decades. The summit, is therefore, a milestone that justifies advocacy visits to 37 African countries, including Nigeria, South Africa, Kenya, Ghana, and Angola among others, to canvas for deepening the Korea-Africa partnership.
He stated; “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 the 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.”