The two-day event, to be attended by delegates from 48 countries in Africa, including 25 presidents, is expected to shape a future of sustainable co-prosperity for Africa and Korea.
The main event will be held on the first day of the Summit, followed by a business summit on the second day.
Mr Jung Kihong, Government Representative for the 2024 Korea-Africa Summit, earlier told journalists that all was set towards building a new frame of cooperation to pave way for Korea to invest in Africa “so we can grow together”.
He said Korea would transfer knowledge in digital education, technology, digitalisation, and agriculture, among others, to Africa’s growing young population.
Mr Jung noted that diversification was the key to sustainable development and that with Africa’s 1.4 billion population, Korea and Africa could work together to fix global challenges.
At the Summit, Korea will pursue Trade and Investment Promotion Frameworks (TIPFs), Economic Partnership Agreements (EPAs), and other agreements with African countries to expand economic cooperation by establishing a Foundation for trade collaboration.
The initiative would make African countries trading allies of Korea for mutual benefits.
The Summit was heralded by Africa Film Festival, Africa Culture Festival and an Exhibition.
It would be the largest multilateral summit hosted under the Yoon Suk Yeol Administration to elevate the relationship between Korea and Africa.
The Summit is expected to serve as a “cooperative platform for mutual prosperity, where Korea’s development experience do not only contribute to Africa’s development, but also where the dynamism of Africa enhances the growth of Korea”.
It will be on the theme: “The future we make together: Shared growth, sustainability, and solidarity”.
Africa is considered the continent of the future, with 60 per cent under the age of 25.
The establishment of the African Continental Free Trade Area (AfCFTA) is also making the continent a global economic powerhouse with population of 1.4 billion and GDP of $3.4 trillion.
Ms. Myunglae Choi, Director, Investment Public Relations Team, Korea Trade Investment Promotion Agency (KOTRA), said the Korea government would offer 50 per cent cash grant and 50 per cent tax credit to foreign investors as incentives.
The economy of South Korea recorded a “Textbook recovery” in 1999 after it went for IMF bailout programme in 1997 following the Asian financial crisis.
The country’s FDI surged after the crisis, with accumulated amount of FDI as of 2017 coming to $22.9 billion.
The annual trade volume between Korea and Africa increased by 23-fold from around $890 million in 1988 to around $20.45 billion in 2022, according to the Korea International Trade Association.
The Korea-Africa Investment Amount has also gone up from $63 million in 1988 to around $700 million in 2019.
This feat has been attributed to government policies and targeted interventions to transform the economy.
A key initiative by the government to create a favourable environment for FDI is the hosting of regular Foreign Investment Weeks.
The event provides a “Red Carpet Service” for foreign investors.
Apart from tax reductions and exemptions, the country also designates notable citizens in some countries as Public Relations Ambassadors for FDI.
The government provides land and capital for foreign businesses that display excellent technological prowess and obeys local content laws.
