Dr. Joseph Siaw Agyepong, the Executive Chairman of the Jospong Group of Companies, has underscored the significant advantages that Ghana and Africa can gain from strengthened business and developmental ties with South Korea.
During a television interview following the Korean-African Summit in Kintex, Korea, Dr. Agyepong remarked, “Opportunity is vital in business,” and emphasized that “South Korea's advanced technology in renewable energies, such as solar and wind power, can greatly benefit our continent.”
He added, “South Korea possesses the capacity to aid African businesses, and it is essential to unleash this potential for the benefit of both the continent and Ghana. The private sector is eager to partner with Korea, which should eliminate restrictions and bureaucracy as it aims to support 48 African nations.”
Dr. Agyepong praised South Korean President Yoon Suk-Yeol for his dedication to enhancing trade and investment in Africa, stating, “The whole world is focused on climate change. In Ghana, Jospong Group has made significant strides in waste management, including collection, haulage, composting, recycling, and other treatment methods.”
The summit focused on crucial initiatives such as Economic Partnership Agreements, Trade and Investment Promotion Frameworks, and support for the African Continental Free Trade Area. South Korea announced plans to increase official development assistance to $10 billion by 2030 and provide $14 billion in export financing.
Dr. Agyepong also highlighted the importance of collaboration in areas like minerals, digital transformation, climate change, food security, and public health.
Held on June 4-5, 2024, in Ilsan and Seoul, the Korea-Africa Summit aimed to boost cooperation, address global challenges, and promote collective strength for sustainable development. The summit's outcomes are expected to result in new agreements and investments in energy access, agricultural transformation, and capacity building across Africa.
While this summit is the first since the founding of the Republic of Korea, earlier events like the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in September 2023 and the establishment of the Korea-Africa Energy Investment Framework (KAEIF) in 2021 have paved the way for this enhanced cooperation.
Ghana and South Korea have maintained diplomatic relations since 1977, collaborating on various fronts including political, economic, trade, investment, technology, security, and culture. The Korean International Cooperation Agency (KOICA) has undertaken numerous projects in Ghana, such as the Dawhenya Integrated Rural Development Project, a maternal and child healthcare project, a water and sanitation project, and a capacity-building project on the power transmission system.
Expressing optimism about the future of Korea-Africa relations, Dr. Agyepong stated, "The future looks bright, and I'm thrilled to be part of this transformative journey."
Dr. Joseph Siaw Agyepong