President Joseph Nyuma Boakai is scheduled to deliver remarks today at the Korea-Africa Summit currently taking place in Seoul.
The Liberian leader who has joined leaders from 48 other countries at the summit will focus his remarks on Liberia’s strategic priorities and vision for enhanced Korea-Africa relations.
The Korea-Africa Summit marked a significant step towards deepening diplomatic and economic ties between South Korea and the African continent.
President Yoon Suk Yeol is hosting the event, engaging in a series of bilateral meetings with visiting heads of state and government representatives.
The summit is runs from Tuesday to Wednesday, featuring a robust agenda aimed at fostering cooperation and mutual growth.
Over the weekend, a precursor Foreign Ministers meeting laid the groundwork for the summit, resulting in a joint declaration outlining key areas of cooperation.
The meeting saw active participation from African diplomats and foreign ministers, who collectively endorsed the commencement of negotiations for a bilateral Economic Partnership Agreement.
Discussions emphasized the importance of expanding economic partnerships, particularly through South Korean involvement in Africa’s infrastructure projects.
Foreign Minister Sara Beysolow Nyanti, earlier highlighted agriculture and education as priority sectors for collaboration and reiterated Liberia’s commitment to sustained partnerships aimed at building a prosperous future for both continents.
She emphasized the necessity for Korea to support sub-regional, multi-country, and cross-border initiatives such as the CLGS energy project as she also acknowledged the focus on youth employment and climate-smart agriculture as pivotal areas for cooperation.
The summit will be co-chaired by the African Union Chairperson and Mauritanian President Mohamed Ould Ghazouani.
Tomorrow, South Korea’s Ministry of Trade, Industry, and Energy will host the 2024 Korea-Africa Business Summit, alongside 13 other events focusing on diverse aspects of Korea-Africa partnerships.
This summit aligns with President Yoon’s administration’s broader efforts to expand South Korea’s diplomatic presence and economic ties in Africa, a region of growing strategic importance.
Africa, with 60 percent of its population under the age of 25, represents the fastest-growing continent by population.
The African Continental Free Trade Area (AfCFTA), launched in 2019, is set to become a significant economic entity, covering a market of 1.4 billion people with a combined GDP of $3.4 trillion.
Africa’s vast natural resources further enhance its appeal as a trading partner, driving the impetus for deepening bilateral relationships.
Despite its growing importance, South Korea currently maintains only 18 embassies in Africa, a modest number compared to Japan’s 38 diplomatic outposts.
Recognizing the critical role of diplomatic presence in facilitating market entry for businesses, South Korea is actively seeking to increase its diplomatic footprint in the region.
During the summit, President Yoon aims to secure numerous agreements with participating countries, establishing a foundation for comprehensive cooperation.
Areas of focus include the exchange of information on critical minerals, technological collaboration, and joint exploration initiatives.
In line with these objectives, Liberia will host two business roundtables with Korean investors, focusing on sectors such as manufacturing, shipping, agriculture, fisheries, energy, and technology.
These engagements are expected to pave the way for significant investment opportunities and collaborative ventures, reinforcing the mutual benefits of a strengthened Korea-Africa partnership.
