1. The ROK-Africa Business Forum, co-hosted by the Ministry of Foreign Affairs, the Korea-Africa Center, the Korea Chamber of Commerce and Industry, and the African Union, a union consisting of 54 countries in Africa, took place at the Korea Chamber of Commerce and Industry on October 25.

2. The forum, which started with opening remarks by Foreign Minister Kang Kyung-wha, brought together about 300 people -- politicians, government officials and businessmen from the ROK and Africa, including lawmaker Sul Hoon (Democratic Party of Korea, Vice Chairman of the National Assembly's forum for a new era with Africa), lawmaker Kim Kyu-hwan (Liberty Korea Party, ranking member of the National Assembly's forum for a new era with Africa), lawmaker Lee Wan-young (Liberty Korea Party, member of the National Assembly's forum for a new era with Africa), special advisor to the Minister of Investment and International Cooperation of Egypt Osama Toma, Chairman of Seplat Petroleum Development Company Ambrosie Bryant Chukwueloka Orjiako, Executive Director of Africa Finance Corporation Oliver Andrews, and Vice President of Elsewedy Electric Wael Hamdy Daoud.

3. In her opening remarks, Minister Kang stressed that the ROK considers Africa, the engine for future growth, an important cooperation partner, and expressed the ROK’s commitment to expand cooperation with Africa in a range of areas, including development cooperation, public health, and education.

o In particular, Minister Kang hoped that the business forum, held amid expectations for more cooperation with Africa following the recent passage of the ROK-Africa foundation bill at the National Assembly, will further facilitate trade, investment and people-to-people exchanges between the two sides by serving as an opportunity to raise awareness about Africa, exchange information on opportunities and possibilities, and expand networks.

4. In his congratulatory remarks, lawmaker Sul Hoon, the Vice Chairman of the National Assembly's forum for a new era with Africa, expressed hope that the private sectors of the ROK and Africa will establish closer cooperative relations. He said that the National Assembly's forum for a new era with Africa, created by a number of lawmakers in a bipartisan move, has been operated actively over the past three years, and that the National Assembly will continue to provide possible support to strengthen the ROK-Africa relations.

5. In his special address, special advisor to the Minister of Investment and International Cooperation of Egypt Osama Toma stressed the importance of Egypt, which is at the crossroads connecting Asia and Africa. He also explained economic potentials and attractive investment environments that not only Egypt but the whole African continent have, and hoped that major countries, including the ROK, will increase investment in Africa.

6. The business forum is seen to serve as an opportunity to enhance mutual understanding between the ROK and African business circles and strengthen bilateral economic and trade cooperation by helping African businessmen driving Africa’s economic growth and Korean companies seeking to make inroads into Africa meet in person, establish partnerships that can solve the problem of lack of information and networks, and discuss ways to make use of financial instruments offered by international organizations which can support cooperation projects.


* unofficial translation