Yang Byung-nae, fifth from left, deputy minister of trade, industry and energy, poses with Moroccan Ambassador to Korea Chafik Rachadi, fourth from left, along with other ambassadors and government officials at the Second Korea-Africa Trade and Industry Cooperation Forum held at the Westin Josun Seoul hotel, Dec. 20. Courtesy of Ministry of Trade, Industry and Energy

A pivotal event aimed at bolstering economic ties between Korea and key African nations took place in Seoul, Wednesday, setting the stage for the upcoming Korea-Africa Summit. The Second Korea-Africa Trade and Industry Cooperation Forum was organized by the Ministry of Trade, Industry and Energy.

Approximately 100 participants, including Deputy Trade Minister Yang Byeong-nae and Moroccan Ambassador to Korea Chafik Rachadi along with diplomatic representatives from 17 countries, including 11 African nations, attended the forum.

"This year, high-ranking officials from our government and companies have directly visited over 20 African countries for investment and cooperation discussions. To follow up on these discussions and lay the groundwork for the Korea-Africa Summit next year, we organized this forum," a trade ministry official said.

During his keynote speech, Vice Minister Yang outlined three key directions to foster economic cooperation between Korea and Africa. These include activating investment and trade through the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF), enhancing cooperation in development aid linked to official development assistance (ODA) and expanding business collaboration between companies.

Officials from African embassies emphasized the importance of economic cooperation with Korea. The economic attache of Madagascar, the first country to sign the TIPF with Korea, presented four promising industries: energy infrastructure, agriculture, minerals and tourism. Ethiopian Ambassador to Korea Dessie Dalkie, representing the second country to sign the TIPF, highlighted promising investment sectors such as textiles and clothing, health care and agriculture.

The event also showcased successful cases of Korean companies entering the African market. A former executive of Hyosung Heavy Industries shared insights from projects contributing to stable power supply through substation and energy storage system (ESS) initiatives in Algeria, Ethiopia and South Africa. A Daelim representative presented a case of donating agricultural machinery to countries like Ethiopia, Senegal and Cape Verde, contributing to improved agricultural productivity.

The forum marks a significant step in fortifying economic collaboration between Korea and Africa in the lead-up to the forthcoming summit. Korea is set to host its first summit meeting with Africa in June next year to bolster mutually beneficial and cooperative ties with nations in the region.