South Korea prepared for historic Korea-Africa Summit

South Korea is gearing up for the 2024 Korea-Africa Summit, with Government Representative Mr Jung Kihong expressing readiness for the event. Speaking at a press conference ahead of the Summit, Mr Jung highlighted the importance of building a new framework of cooperation between Korea and Africa to foster mutual growth and development.

One of the key areas of focus for Korea at the Summit will be the transfer of knowledge in digital education, technology, digitalization, and agriculture to Africa’s young and growing population. This initiative aims to address global challenges and promote sustainable development through collaboration between Korea and African countries.

The Summit, scheduled for June 4th and 5th, will see South Korea pursuing Trade and Investment Promotion Frameworks (TIPFs) and Economic Partnership Agreements (EPAs) with African nations to enhance economic cooperation. The goal is to establish a Foundation for trade collaboration that will make African countries trading allies of Korea for mutual benefit.

To attract foreign investors, the Korean government is offering incentives such as a 50% cash grant and 50% tax credit. This move is in line with Korea’s efforts to boost foreign direct investment (FDI) and strengthen economic ties with African countries.

The Summit, themed “The future we make together: Shared growth, sustainability, and solidarity,” is expected to serve as a cooperative platform for mutual prosperity between Korea and Africa. With Africa’s young population and the establishment of the African Continental Free Trade Area (AfCFTA), the continent is poised to become a global economic powerhouse.

Overall, the 2024 Korea-Africa Summit promises to be a significant event that will elevate the relationship between Korea and Africa and pave the way for enhanced cooperation and development.