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Industry ministry launches support group ahead of S. Korea-Africa summit in June

February 9, 2024

The industry ministry has launched a support group ahead of a summit between South Korea and African nations slated for June, aiming to enhance bilateral economic cooperation, according to officials Friday.

The Korea-Africa Economic Cooperation Public-Private Support Group will make efforts to prepare for the upcoming summit that will pave the way for South Korea’s deeper cooperation with the continent with a 1.4 billion population, according to the Ministry of Trade, Industry and Energy.

“The support group will serve as a joint public-private platform for gaining outcomes between Korean and African firms and reviewing the major cooperation agenda with the 54 African nations over the four months remaining until the June summit,” the ministry said in a statement.

South Korea has been pushing to deepen its economic relationship with Africa through various platforms, including a Trade and Investment Promotion Framework and an economic partnership agreement, it added.

The group is composed of representatives from around 30 bodies from various areas, including trade-related state-run firms and business organizations.

Deputy Minister for Trade Yang Byeong-nae speaks during a meeting of the Korea-Africa Economic Cooperation Public-Private Support Group on Feb. 6, 2024. (Yonhap)
Deputy Minister for Trade Yang Byeong-nae speaks during a meeting of the Korea-Africa Economic Cooperation Public-Private Support Group on Feb. 6, 2024. (Yonhap)