Korea-Africa Summit: How Africa Union and Korea collaboration would deepen trade and investment flow

By Iyojo Ameh

The Africa Union (AU),the 54-member continental
body has been identified as having a pivotal role to play in the consolidation and
deepening of trade and investment flow between Korea and Africa.

It also can
ensure sustainability of resolutions and commitments of the Korea Africa Summit
2024.
The Africa Korea Economic Development Association (AKEDA) Nigeria chapter
canvassed this position in its pre-summit assessment contained in press release
signed by the chairman, Yuccee Uwah in Abuja on Tuesday, May 21, 2024.

The group noted that AU has a significant role to play in sustaining the momentum
raised by the ongoing partnership between Korea and Africa, which will culminate
in the first Korea Africa Summit 2024.

This is a historic opportunity for Korea and Africa to nurture and consolidate
sustainable partnership based on shared vision for a prosperous Africa which
thrives on industrialisation, technology, and investment that mutually benefits both
Africa and Korea.

African Union as the lead continental organisation that unites 54 member-nations
with history of focused leadership, capacity, and capability to rally Africa as one indivisible unit, it has huge role to play in ensuring that the resolutions and
commitments by Korea Africa Summit are implemented by the parties through a
continental moderated framework.

AKEDa believes that through this will further boost trade and investment,
industrialisation, and inclusive development across the continent. AU in our view,
needs to facilitate continuous inflow of investment and capitals from Korea to Africa
and Africa’s investment in Korea through a symbiotic trade and investment
corridors that benefits all parties.

AU leveraging its convening power needs to continuously negotiate with Korea on
behalf of Africa on trade and investment with a view to harmonize trade regulations
and requirements including tariff, taxes, and related matters.

The African Union is expected to lead its member states to first Korea Africa
Summit scheduled for June 4 to 5 2024 in Seoul, Korea, with several multilateral
agencies, regional development banks, and international community are also
expected to participate.

The summit is being organized by the government of Korea as part its ongoing
effort to nurture evolving strategic engagement and partnership with Africa as key
ally as both seeks new frontiers for trade and investment, sustainable
development, and shared prosperity.

The momentum needs to be maintained as Korea and Africa prepare for a great
future based on shared vision of advancing shared prosperity and common good
for its citizens.

Korea has over 60 years’ experience growing its economy from the bootstrap to
become an industrialized medium power, which continues to provide leadership in
manufacturing, technology, maritime, infrastructure, agriculture, among others.

AKEDA, a public-private partnership organisation, has been a pioneer in advocating for enhanced
trade relations and investment between Korea and Africa since its establishment in 2006. The
organisation aims to promote trade and investment, and economic development between Korean businesses and Africa, with a focus on inclusive growth and shared prosperity. Over the past two
decades, AKEDA has facilitated business and investment tours to Africa, offering Korean
businesses opportunities in 37 African countries.

The organisation boasts a membership of over
100 companies, conglomerates, and business leaders who are keen on exploring expanding
opportunities in Africa. AKEDA Nigeria, a country affiliate of AKEDA International, is committed to advancing Africa’s recognition as a new growth axis and collaborating to leverage the continent’s
assets and experiences for its economic development.

AKEDA member countries, companies, and related agencies share a common vision of advancing
cooperation to ensure that economic development in Africa is inclusive.