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Korea, Africa vow to expand trade, enhance private sector business partnerships

President Yoon Suk Yeol delivers a keynote speech during the 2024 Korea-Africa Business Summit at Lotte Hotel Seoul, Wednesday. Yonhap

Korea and Africa announced plans to intensify discussions to establish a joint economic committee, fostering deeper collaboration to strengthen their future business partnerships, the two sides revealed on the sidelines of the 2024 Korea-Africa Business Summit in Seoul Wednesday.

Organized by the Korea International Trade Association (KITA), the event served as a catalyst for both parties to enhance economic and business interactions. With over 500 attendees, discussions centered on strategies to bolster their collaboration in domains like job creation and the trade of critical minerals.

A group of 20 African leaders shared a common view with Korea’s President Yoon Suk Yeol and ranking government officials, including Industry Minister Ahn Duk-geun.

Top executives from major conglomerates also joined the summit. They included Hyundai Motor Group Executive Chair Chung Euisun, Lotte Group Chairman Shin Dong-bin and CJ Group Chairman Sohn Kyung-shik.

In particular, both sides reached a consensus on commencing discussions for the establishment of the Korea-Africa Economic Collaboration Committee, laying the groundwork for a more 토토 comprehensive and sustainable partnership. To bolster this initiative, the Korea International Trade Association (KITA) signed a memorandum of understanding (MOU) with the office of the African Continental Free Trade Area.

Yoon proposed enhancing bilateral economic and trade partnerships by establishing pertinent institutional frameworks.

“First and foremost, Korea and Africa should narrow their economic gap by drastically increasing trade volume and expanding bilateral investments,” Yoon said during the summit.

He also expected the latest event to help boost Africa’s partnerships with Korean firms.

“It is crucial for us to fulfill the carbon-free energy initiative by using nuclear, solar and hydrogen energy to deal with climate change,” he said. “We hope African nations expand ties with Korean firms for our energy transition.”

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