Minister for Trade Inkyo Cheong chaired the first meeting of the Public-Private Committee for Korea-Africa Economic Cooperation (“Committee”) on March 20 at Lotte Hotel Seoul as part of efforts to augment the outcomes of the coming Korea-Africa Summit 2024, slated for June in Seoul.



Attending the meeting were representatives of major economic groups, public companies and institutions, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Electric Power Corporation (KEPCO).



Hosted and organized by five of Korea’s major economic groups to be held in joint tandem with the bilateral summit for maximum outcome, the “Business Summit” is another large-scale event where business figures and government officials of Korea and Africa are to gather to share ideas on major agendas, namely trade, industrial development, infrastructure, farm productivity advancement and climate change response.



Trade Minister Cheong emphasized that cooperation with Africa is essential in view of the Global South’s rise as one the future core markets. He highlighted that the joint Committee will serve as a bridge between the two sides’ economic cooperation in order to strengthen support for companies entering the African market and bolstering cooperation with the continent’s business partners. The trade chief also mentioned that efforts will be made to seek measures for producing tangible outcomes through the participation of private companies with prospects for striking business deals and memorandums of understanding (MOUs).



On the sidelines of the summit, the two sides will hold the “Korea-Africa Business Partnership” on June 4 in Seoul, hosted by MOTIE and organized by KOTRA, where 50 business leaders are to be invited from Africa to uncover new business opportunities with approximately 200 Korean firms in critical minerals, energy, infrastructure, and other promising areas.