Arab Today, arab today south koreaafrica investment forum kick off in seoul
Last Updated : GMT 23:49:03
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South Korea-Africa investment forum kick off in Seoul

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Arab Today, arab today South Korea-Africa investment forum kick off in Seoul

Korean Foreign Minister Yun Byung-se
Seoul - MENA

South Korea-Africa investment forum kicked off here Wednesday to review means of encouraging more Korean companies to invest in Africa.

Korean Foreign Minister Yun Byung-se vowed on Wednesday to strengthen cooperation with African nations as the region undergoes above-average economic growth, reported the Korean news agency Yonhap.

Yun made the remark during a South Korea-Africa investment forum marking Africa Day on May 25. Africa Day commemorates the day the African Union's predecessor, the Organization of African Unity, was established in 1963.

"Africa is expected to become the growth engine of the world economy in the 21st century," the minister said in a speech at the forum.

The African continent, with an area more than six times the size of Europe and a population of 1 billion, has posted economic growth rates in the 5 percent range over the past 10 years, surpassing the world average, he said. This year, Africa is forecast to grow more than 4 percent, beating the world average of about 3 percent.

"South Korea, which has achieved remarkable economic development despite many difficulties in the past, plans to eagerly share its development experience with African nations," Yun said.

As part of such efforts, South Korea will continue to expand high-level exchange visits and talks with African nations, provide various support measures to South Korean businesses wishing to enter the African market, and work to diversify two-way ties from politics and business, to security, environment, women and cultural issues, according to the minister.

This summer, South Korea will open an embassy in Madagascar, he added.

 

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