By Durell Namasani
The First ever Korea-Africa summit has started in Seoul-in Republic of Korea with a call for Korea and African countries to be committed to finding ways of expanding economic ties and cooperation in supply chain and development with the resource-rich countries.
President of the Republic of Korea, Yoon Suk Yeol, made the call on Tuesday during the official opening of a two-day Korea-Africa Summit currently underway in the country.
Vice President Saulos Klaus Chilima is among the Heads of State and Government including business people from across Africa with high expectations that the summit will increase various opportunities ranging from Trade, Agriculture, and tourism among others.
President Yoon Suk Yeol 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 toward 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,” Yoon said in his opening address.
The summit has drawn together about 48 African countries such as Sierra Leone, Tanzania, 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.
