The Executive Chairman of the Jospong Group of Companies, Dr Joseph Siaw Agyepong, has emphasised the potential benefits Ghana and Africa stand to gain from their relationship with South Korea in business and development.
“Opportunity is important in business,” he remarked, highlighting that “South Korea has advanced technology in renewable energies such as solar and wind power which can benefit our continent.”
He continued, “South Korea has the capacity that can benefit African businesses, and they need to unleash that to benefit the continent and Ghana.
“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 statements during a television interview following the Korean-African Summit in Kintex, Korea.
Commending South Korean President Yoon Suk-Yeol for his commitment to supporting Africa through enhanced trade and investment, Dr. Agyepong noted, “The whole world is focused on climate change.
In Ghana, Jospong Group has tackled waste management seriously, from collection, haulage, composting, recycling, and other forms of treatment.”
The summit centred on key initiatives such as Economic Partnership Agreements, Trade and Investment Promotion Frameworks, and support for the African Continental Free Trade Area.
South Korea announced plans to increase official development assistance to $10 billion by 2030 and provide $14 billion in export financing.
Dr Agyepong further stressed the importance of collaboration in critical areas 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 promote collective strength for sustainable development.
The outcome is expected to lead to new agreements and investments in energy access, agricultural transformation, and capacity building across Africa.
While this summit is the first of its kind since the founding of the Republic of Korea, previous summits and conferences, such as the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in September 2023 and the establishment of the Korea-Africa Energy Investment Framework (KAEIF) in 2021, have paved the way for this enhanced cooperation.
Ghana and South Korea have maintained diplomatic relations since 1977, collaborating on various issues including political, economic, trade, investment, technology, security, and culture.
The Korean International Cooperation Agency (KOICA) has undertaken numerous projects in Ghana, including the Dawhenya Integrated Rural Development Project, a maternal and child healthcare project, a water and sanitation project, and a capacity-building project on the power transmission system.
Dr. Agyepong expressed optimism about the future of Korea-Africa relations, stating, “The future looks bright, and I’m thrilled to be part of this transformative journey.”
