The first ever Korea-Africa Summit has started in Seoul, South Korea with a call for Korea and African countries to be committed in finding ways of expanding economic ties and cooperation in supply chain and development with the resource-rich countries.
President of the Republic of South Korea, Yoon Suk Yeol made the call on Tuesday during the official opening of the two-day summit currently underway.
Vice President Saulos Klaus Chilima is among Heads of State and Government, including business people, from across Africa with high expectations that the summit will increase various opportunities in trade, agriculture, and tourism, among others.
President Yoon said South Korea aims to expand trade and investment with Africa through a series of agreements, such as Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs).
He also vowed to support Africa’s efforts towards regional economic integration through the African Continental Free Trade Area (AfCFTA), 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’.
Reported by Andrew Mkonda in Seoul, South Korea
