The Ambassador of the Republic of Korea to Nigeria, Mr. KIM Young-Chae, has announced that the 2024 Korea-Africa Summit will significantly contribute to increased investments and humanitarian assistance to Africa. This statement was made during his address at the Republic of Korea National Day Reception, 2023, held on Thursday night in Abuja.
According to News Agency of Nigeria, the world, including Africa, is currently grappling with numerous challenges such as climate change, global supply chain disruptions, geopolitical conflicts, and the emergence of the 4th industrial revolution. He emphasized the essential role of Africa in effectively addressing these global challenges.
Young-Chae noted that the Korean government is actively enhancing its relations with Africa. Many Korean companies are considering Africa as the next hub for manufacturing and a vital market. The upcoming Korea-Africa Summit in 2024, a first in Korean history, is expected to foster higher levels of exchange, trade, and investment opportunities, as well as deepen mutual understanding between Korea and African nations.
The Summit will also see Korea expanding its presence in Africa, with a significant increase in its Official Development Assistance (ODA) budget. This funding will focus on sectors such as agriculture, education, health, climate adaptation, and humanitarian aid. Korea plans to share its experience in manufacturing and agricultural transformation at the Summit, offering various platforms as a model of economic development for developing countries.
Furthermore, the Korean government aims to strengthen its commitment to peace and prosperity in Africa through its long-term vision, which includes hosting the 2030 Busan Expo.
Young-Chae recalled the recent elections in Nigeria and expressed optimism for Nigeria’s focus on economic development. He mentioned the productive meeting between Nigerian President Bola Tinubu and the Korean President on the sidelines of the G20 Summit in India. Anticipation is high for another bilateral summit in Seoul next year, coinciding with the Korea-Africa summit, which is expected to yield significant outcomes.
He also expressed gratitude to members of Team Korea in Nigeria, including KOICA, the Korean Cultural Center, KOTRA, and the Consulate Office in Lagos.
The News Agency of Nigeria (NAN) reported that the reception’s highlights included performances by the Nike Cultural Troupe, The Royals, Dosi, and M.B. Crew, adding a festive atmosphere to the event.