Trade minister calls for strengthening foundation for economic cooperation with Africa

In this file photo, South Korean President Yoon Suk Yeol delivers a keynote speech during the 2024 Korea-Africa Business Summit at Lotte Hotel in Seoul on June 5. (Yonhap)

Trade Minister Cheong In-kyo said Tuesday that the South Korean government will strengthen institutional foundations to expand trade and investment opportunities with Africa.

Cheong made the remarks during an Africa business forum held in Seoul, a follow-up to a South Korea-Africa summit that took place in June and aimed to deepen cooperation with African partners.

The forum was organized to review the outcomes of the summit and discuss future directions for economic cooperation between South Korea and African nations, the Ministry of Trade, Industry and Energy said.

In his opening remarks, Cheong outlined plans to establish an Economic Partnership Agreement and a Trade and Investment Promotion Framework with additional African countries to facilitate smoother trade and investment activities.

"The 2024 Korea-Africa Summit marks a significant milestone in collaboration between South Korea and Africa," Cheong said. He emphasized that both sides must work actively to advance and implement the achievements made during the summit.

During the June summit, South Korea signed nearly 50 preliminary agreements with African nations to boost collaboration in areas including trade, energy, critical minerals, and other economic and industrial sectors.

Cheong also highlighted plans to support the implementation of summit agreements and to develop new cooperation projects through various platforms.

Approximately 200 participants, including government officials, business leaders, and academics from both South Korea and Africa, attended the forum. (Yonhap)