Executive Chairman of the Jospong Group of Companies, Dr. Joseph Siaw Agyepong, has stated that Ghana and Africa stand to benefit significantly from their business and development relationship with South Korea.
“Opportunity is important in business,” he said, adding, “South Korea has advanced technology in renewable energies such as solar and wind power, which can benefit our continent.”
“South Korea has the capacity that can benefit African businesses, and they need to unleash that to benefit the continent and Ghana,” he said, adding, “The private sector is ready to partner with Korea, which must remove restrictions and bureaucracy as it seeks to support 48 African nations.”
Dr. Agyepong made these remarks during a television interview following the Korean-African Summit in Kintex, Korea.
He praised South Korean President Yoon Suk-Yeol for his dedication to increasing support for Africa, highlighting the president’s promises to enhance trade and investment.
“The whole world is about climate change,” Dr. Agyepong said, adding, “In Ghana, the Jospong Group has tackled waste management as a serious issue, from collection, haulage, composting, recycling, and other forms of treatment.”
The Summit emphasized initiatives such as Economic Partnership Agreements, Trade and Investment Promotion Frameworks, and support for the African Continental Free Trade Area.
During the event, South Korea revealed plans to increase official development assistance to US$10 billion by 2030 and to provide US$14 billion in export financing.
Dr. Agyepong highlighted the importance of collaboration in key sectors like 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 enhance cooperation, address global challenges, and foster collective strength for sustainable development.
The outcome is anticipated to result in new agreements and investments in energy access, agricultural transformation, and capacity building across Africa.
This is the first event of its kind since the establishment of the Republic of Korea. However, other summits and conferences between Korea and Africa have taken place, such as the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in September 2023. Additionally, the Korea-Africa Energy Investment Framework (KAEIF) was launched in 2021.
Ghana and South Korea have maintained diplomatic relations since 1977. The two nations have collaborated on a broad range of issues, including politics, economics, trade, investment, technology, security, and culture.
The Korean International Cooperation Agency (KOICA) has been involved in numerous projects in Ghana, such as the Dawhenya Integrated Rural Development Project, a maternal and child healthcare initiative, a water and sanitation project, and a capacity-building project for power transmission systems.
Dr. Agyepong was optimistic about the future of Korea-Africa relations, stating, “The future looks bright, and I’m thrilled to be part of this transformative journey.”