By King’s Office Correspondents
Eswatini, among other African nations, stands to benefit from some of Korea’s over E430 billion in development assistance and investment initiatives.
This follows a pledge by the Korean government to make available about E180 billion (USD 10 billion) in development assistance to spur African cooperation initiatives by 2030.
Korea has also committed over E250 billion (USD 14 billion) to support Korean businesses to enhance trade and investment on the African continent over the next six years.
His Majesty the King has commended Korea for these commitments, saying they would go a long way toward strengthening the two continents’ cooperation.
Speaking at the 2024 Korea-Africa Summit on Tuesday, the King first commended the hosting of the first Korea-Africa summit, which he said served as a testament to the longstanding and growing bond between the country and the African continent.
The summit, he noted, also presented an opportunity for Africa and Korea to understand each other much better and develop a strong partnership.
“We wish to commend Korea for her decision to increase official development assistance (ODA) to USD 10 billion by 2030 to spur African cooperation initiatives.”
“We also applaud the commitment to provide approximately USD 14 billion in export financing start-ups for Korean companies by 2030 to encourage their activities in Africa, thus stimulating trade and investment with our continent,” he said.
The King also encouraged the Korean business community to join the government’s efforts to make this endeavour a success by investing in Africa.
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“We urge you to choose a location to establish these industries, as in Africa we are no longer competing but complementing each other to achieve the goals we have set for ourselves,” he said.
The King stated that effective implementation of this objective requires strategic partnerships and imaginative leadership, as demonstrated by the Korean people.
He congratulated the Republic of Korea for achieving what he described as admirable progress.
“It is impressive to note how you came from humble beginnings where your country was among the underdeveloped nations, but resolved to adopt a consciousness and mentality change to transform yourselves,” he said.
He also mentioned how the Korean government’s significant investments in ICT, education, construction, manufacturing, science, and biotechnology, among other areas, made this possible.
The King said reciprocally that Korea also had much to gain from Africa as a continent because of its huge development potential, abundant natural riches and the fact that it is the youngest continent, full of creativity and entrepreneurship.
While developing strategies, the King urged the summit to adopt sustainable solutions, keeping the future of the youth in mind.
The theme of the summit is ‘the future we make together: shared growth, sustainability, and solidarity.’
His Majesty said the development agenda of the African continent prioritises sustainability, as Africa’s various ecosystems are vital to global environmental stability.
“Climate change, deforestation, and biodiversity loss are major issues for the continent. The AU Agenda 2063 and Sustainable Development Goals (SDGs) Agenda 2030 emphasise sustainable environmental management,” he said.
Drawing from the Korean experience, he urged African leaders to create a solid economic base, especially through industrialization, while embracing ecological technology and practices that do not compromise the ability of future generations to meet their needs.
He observed, “We should adapt Korea’s renewable energy, smart agriculture, and environmental conservation advances to our local contexts so we can build a better, sustainable, and more resilient future together.”
His Majesty highlighted that Agenda 2063 of the AU promises inclusive growth and sustainable development throughout Africa and that from it, Eswatini has prioritised economic development, inter-Africa and international commerce, as well as consciously using her resources to generate value and jobs for our people.
He said Eswatini has fully embraced the African Continental Free Trade Agreement (AFCFTA) and its implementation plan but still has a lot to learn from worldwide partnerships and their development paths.
“While the AFCFTA was successfully launched, its programmes were hampered by the impact of the COVID-19 pandemic.
We would be grateful to learn from your experiences to develop and grow our trading bloc,” he said.
Support Ezulwini consensus – King
His Majesty the King has urged Korea to support the African continent in its call for a permanent seat at the United Nations Security Council.
he African Union (AU) adopted this call, known as the Ezulwini Consensus, at a meeting in Ezulwini back in 2005. The King noted that by continuing to strengthen the relationship between Africa and Korea, we are building another pillar of solidarity to solve our common challenges.
“Africa has shown her unity by supporting the Republic of Korea for its non-permanent seat as a member of the United Nations Security Council.
We hope they will in turn advocate the call by the African continent to be given a voice as per the Ezulwini Consensus of 2005,” he urged.
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South Korea has been elected a non-permanent member of the U.N. Security Council for the 2024–25 term.
The King said the AU Agenda 2063 envisions a unified, powerful Africa that influences the world and sees Korea and other overseas partners in a position to help create robust healthcare systems, improve education, and promote equitable economic growt
“Eswatini emphasises fostering innovation and entrepreneurship. We know education and technology underpin modern economies and, therefore, encourage collaborations that improve education, technology transfer, research and development, plus capacity building to bridge the digital gap and prepare our children for a globalised future,” he said.
The summit, described as the largest multilateral summit hosted by the current Korean administration, seeks to bolster economic ties with Africa, which is a massive consumer market with a population of 1.49 billion and a GDP of $3.4 trillion.
Currently, South Korea’s trade with Africa only accounts for 1.9 per cent of the nation’s total trade. Africa’s mass consumer market and abundant resources have drawn attention from South Korea, a major energy importer and home to the world’s leading chipmakers and battery producers.
It is expected that a memorandum of understanding on the “Key Minerals Cooperation Partnership” will be signed to strengthen related cooperation.
Korean President Yoon Suk Yeol and Mauritania President Mohamed Ould Ghazouani, who is the current President of the Assembly of Heads of State and Government of the African Union, will issue a joint statement at the end of the summit.
Attending the Korea-Africa Summit are delegations from 48 African nations, including 25 heads of state.
The main session was held yesterday and will be followed by a business summit focused on trade and investment on Wednesday.
Korean President seeks to expand trade with Africa
The President of the Republic of Korea, Yoon Suk Yeol, wants his country to expand trade and investment with Africa through a series of agreements.
Some of these include Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs).
peaking at the 2024 Korea-Africa Summit yesterday, he pledged support for Africa’s efforts towards regional economic integration through the African Continental Free Trade Area (AfCFTA) that was launched in 2019.
“In terms of trade, we will speed up the signing of EPAs and TIPFs. On the investment front, we will expand investment protection agreements to promote exchanges between the two countries’ companies,” said Yoon.
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He stated that South Korea will expand its official development assistance (ODA) to approximately USD 10 billion by 2030 and provide export financing of about USD 14 billion to help Korean companies expand trade and investment in Africa.
Yoon said South Korea will work with African nations to ensure resilient supply chains of critical minerals and digital transformation, as well as address climate change, food security and public health issues.
“We will seek sustainable cooperation solutions for issues directly related to future growth, such as the stable supply of critical minerals and digital transformation,” Yoon said.
The Korean president also stressed the importance of coordination with African nations on the global stage amid heightened tension on the Korean Peninsula following a series of North Korea’s provocations, including its campaign of sending balloons carrying trash into South Korea.
“Together with our friends in Africa, South Korea will rigorously implement U.N. Security Council resolutions and work to safeguard peace on the Korean Peninsula and in the international community,” he said.
