Launch of the 'Han-Africa Economic Cooperation Support Group'... "Reviewing Cooperation Agendas for a Massive Market of 1.4 Billion People"

The government is set to review cooperation agendas with Africa, a massive market with a population of 1.4 billion, through the 'Korea-Africa Economic Cooperation Public-Private Support Group.'

The Ministry of Trade, Industry and Energy announced that, ahead of the 2024 Korea-Africa Summit scheduled for June this year, the Korea Chamber of Commerce and Industry launched the Korea-Africa Economic Cooperation Support Group on the 6th to dramatically advance economic cooperation with Africa.

The support group consists of more than 30 organizations, including the Ministry of Trade, Industry and Energy, economic organizations, trade and investment support agencies, representative public enterprises and public institutions in the industrial, trade, and resource sectors, as well as associations and federations. Before the summit, which is just over four months away, the group will review key cooperation agendas to discuss with the 54 African countries, concretize cooperation plans, and serve as a public-private joint platform to discover achievements between Korean and African companies.

Africa is a huge market with a population of 1.4 billion and a gross domestic product (GDP) of 3.4 trillion dollars, and it is rich in critical minerals. However, economic cooperation with our country remains at a minimal level.

Since last year, the Ministry of Trade, Industry and Energy has been promoting the establishment of a trade cooperation foundation such as the Economic Partnership Agreement (EPA) and Trade and Investment Promotion Framework (TIPF), building networks among trade and investment promotion agencies, and strengthening critical mineral supply chains. The ministry plans to actively push forward so that this summit becomes a stepping stone toward achieving 700 billion dollars in exports.

At the first meeting of the support group held that day, Yang Byung-nae, Deputy Minister for Trade of the Ministry of Trade, Industry and Energy, said, "Africa is like a collection of beads that we have yet to gather, and I hope the public-private support group will play the role of stringing those beads into a treasure." He added, "At the first-ever summit held targeting Africa, we will work together to develop economic cooperation between Korea and Africa comprehensively in areas such as industry, trade, and resources."

This content was produced with the assistance of AI translation services.