President William Ruto on Tuesday, May 4, addressed the inaugural Korea Africa Summit and underscored the critical role Korea can play in the transformation of Africa.
The President said Africa is keen on exploring robust partnerships with Korean investors to turn Africa's enormous potential into opportunity and investment that will create jobs and foster economic growth.
He pointed out that Africa's assets, including a dynamic youthful and skilled population, abundant arable land, huge renewable energy reserves and vast mineral resources, are yet to be fully exploited.
According to the President, Africa has identified food security, science and technology, peace and security, and health security as the key areas of cooperation with Korea.
“This summit demonstrates a resolve to elevate this relationship and mobilise political will needed for Africa and Korea to prosper together through mutually beneficial collaborations. To do this, we must leverage on our complementarities and implement win-win strategies on the basis of equal partnership,” remarked Ruto.
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The summit, whose theme is The Future We Make Together: Shared Growth, Sustainability and Solidarity, was hosted by President Yoon Suk Yeol at the Korea International Exhibition Centre in Goyang.
President Ruto said the Korea-Africa Forum and the Korea-Africa Economic Cooperation have facilitated progressive diplomatic and economic engagements that had helped accelerate the growth of trade and investment.
On food security, President Ruto urged Korean investors to share their cutting-edge agricultural technology and expertise to transform Africa's food production capacity.
He mentioned that initiatives such as the K-Rice Korea programme that Kenya is interested in should be extended across Africa.
“Such programmes are not just about enhancing production, but are about building capacity and transferring technology to promote sustainability and resilience, especially in light of the escalating threat of climate change,” the President said.
President Ruto noted that Africa is keen on leveraging Korea’s impressive advancements in ICT, especially in robotics, biotechnology, artificial intelligence and quantum computing, to speed up the continent's economic transformation agenda.
Additionally, he said Korea’s advanced capabilities in renewable energy development and sustainable technology will help unlock Africa's abundant renewable resources, fostering green growth.
“Together, Korea and Africa can address the challenges of climate change while pursuing economic development in a manner that respects and upholds our environmental obligations,” he said.
The President said a partnership in peace and security will strengthen Africa’s Agenda 2063 that underscores a peaceful and secure continent as a prerequisite for economic development.
On health security, President Ruto stated that the partnership with Korea would strengthen the Africa Centre for Disease Control to deliver its objectives effectively.
At the same time, President Ruto urged Korea to support reforms of the international financial system to achieve a more equitable and inclusive global development framework.
He noted that enhancing contributions to the World Bank’s concessional lending window will enable African countries to effectively respond to economic shocks and pursue developmental agendas.
On his part, President Yoon said South Korea will expand trade and investment with Africa through economic partnership agreements and trade and investment promotion frameworks.
He pledged to support Africa's efforts towards regional economic integration through the African Continental Free Trade Area.
"We will speed up the signing of economic partnership agreements, and trade and investment promotion frameworks. On the investment front, we will promote exchanges between the two countries' companies," Yoon said in his opening address.
Chairperson of the African Union Commission Moussa Faki highlighted the African Union's Action Plan 2022-2026, saying it comprises numerous projects and programmes ripe for Korean investment, particularly in innovation, healthcare, food security and ICT.
At the summit, Ethiopia spoke on behalf of African countries that helped Korea during the Korean War.
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