The Executive Chairman of the Jospong Group of Companies, Dr. Joseph Siaw Agyepong, has emphasized the potential benefits for Ghana and Africa in their relationship with South Korea in terms of business and development.
According to him, South Korea has advanced technology in renewable energies such as solar and wind power, which could be advantageous for the continent.
Dr. Agyepong mentioned that, South Korea’s capacity can benefit African businesses, and called for them to tap into this potential to benefit the continent and Ghana.
He also emphasized the readiness of the private sector to partner with Korea, urging for the removal of restrictions and bureaucracy in supporting 48 African nations.
“Opportunity is crucial in business. South Korea has a capacity that can benefit African businesses and they need to unleash that to benefit the continent and Ghana. The Private sector is ready to partner with Korea which must remove restrictions and bureaucracy as it seeks to support 48 African nations,” he said during a television interview after the Korean-African Summit in Kintex, Korea.
Dr. Agyepong commended South Korean President Yoon Suk-Yeol for his commitment to boosting support for Africa, including enhanced trade and investment pledges.
He also highlighted Jospong Group’s efforts in Ghana to address waste management through various initiatives.
“The whole world is about climate change. In Ghana, Jospong Group has tackled waste management as a serious issue, from collection, haulage, composting, recycling and other forms of treatments.”
The Summit focused on key initiatives such as Economic Partnership Agreements, Trade and Investment Promotion Frameworks, and support for the African Continental Free Trade Area.
During the Summit, South Korea announced plans to increase official development assistance to $10 billion by 2030 and provide $14 billion in export financing.
Dr. Agyepong emphasized the need for collaboration in critical areas such as minerals, digital transformation, climate change, food security, and public health.
The Korea-Africa Summit, held on June 4-5, 2024, in Ilsan and Seoul, aimed to boost cooperation, address global challenges, and promote collective strength for sustainable development.
The outcome is expected to lead to new agreements and investments in energy access, agricultural transformation, and capacity building across Africa.
This summit was the first of its kind since the founding of the Republic of Korea. However, there have been other summits and conferences between Korea and Africa, such as the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in September 2023.
The Korea-Africa Energy Investment Framework (KAEIF) was also established in 2021.
Ghana and South Korea have maintained diplomatic relations since 1977.
These relations have spanned various areas including political, economic, trade, investment, technology, security, and culture.
The Korean International Cooperation Agency (KOICA) has implemented various projects in Ghana, including the Dawhenya Integrated Rural Development Project, a maternal and child healthcare project, a water and sanitation project, and a capacity-building project focused on the power transmission system.
Dr. Agyepong expressed his optimism about the future of Korea-Africa relations, stating, “The future looks bright, and I’m thrilled to be part of this transformative journey.”
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