President William Ruto spoke at the inaugural Korea Africa Summit on Tuesday, May 4, emphasizing the significant role Korea can play in Africa's transformation. Ruto expressed Africa's eagerness to forge strong partnerships with Korean investors to harness the continent's vast potential, creating opportunities for investment, job creation, and economic growth. He highlighted Africa's assets, such as its dynamic and skilled youth population, extensive arable land, abundant renewable energy sources, and vast mineral resources, which remain underutilized.
As per the President's statement, Africa has identified food security, science and technology, peace and security, and health security as the primary 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, themed "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 highlighted that the Korea-Africa Forum and Korea-Africa Economic Cooperation have facilitated significant diplomatic and economic engagements, contributing to the acceleration of trade and investment growth.
Regarding food security, President Ruto encouraged Korean investors to contribute their cutting-edge agricultural technology and expertise to enhance 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 emphasized Africa's interest in leveraging Korea's notable advancements in ICT, particularly in robotics, biotechnology, artificial intelligence, and quantum computing, to accelerate the continent's economic transformation agenda.
Furthermore, he stated that Korea's advanced capabilities in renewable energy development and sustainable technology will assist in unlocking Africa's abundant renewable resources, promoting 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.
