From Kenneth Udeh, Abuja

The robust participation of African political leaders and the private sector in the forthcoming Korea Africa Summit will be crucial for the continental to reap the benefit from the parley.

This was disclosed by the Africa Korea Economic Development Association (AKEDA) Nigeria chapter, a business association who gave the advice via a press release signed by its chairman, Yucee Uwah, in Abuja on Monday, May 26, 2024.

The statement read:

“Korea Africa Summit holds hope for scale up foreign direct investment and economic development to Africa. It will open new opportunities for Korean investors and business leaders to shift attention to the Continent as new partners.

“It requires effort and hard work, trust, and better understanding between the public and private sectors from Africa and Korea to consolidate this opportunity.

“The emerging partnership is significant towards transforming the development trajectory of Africa across sectors, trade and investment, technology and innovation, infrastructure, mining, and solid minerals.

“The political leaders and the private sector need to take concrete actions through active participation which should result in well thought out resolutions and commitments to be agreed by both parties, Africa, and Korea representatives.”

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Yucee urged political leaders, private sector and business leaders from Africa and Korea to work in synergy as partners to arrive at outcomes that will deliver impactful outcomes and sustainable development in Africa and Korea.

He said: “For several months now, officials from Africa and Korea have been working towards the hosting of the maiden Korea Africa Summit, expected to be held in Seoul, Korea from June 4 to 5 2024.

“It will bring together heads of state, government officials, and business leaders from across Africa and Korea to discuss ways to strengthen economic, political, and cultural ties.”

He noted that the summit will focus on issues of trade and investment, industrialisation, far-reaching resolutions and commitments aimed at driving sustainable development on both sides.

He explained: “The Korea Africa Summit presents a historic opportunity for partnership, with immense potential for cooperation between Africa and Korea,

“However, for the summit to be truly successful, robust participation of all parties including African leaders and the private sector, as well as Korean leaders and the private sector is highly desirable.

“The expected resolutions and commitments from the summit must be translated into concrete actions and investments that would have bearing on the lives of the citizens in Africa and Korea. The bottom line is the quality of jobs created, infrastructure, and improved lives.”

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