Governments and businesses from 12 African countries had the opportunity to introduce to their Korean companies potential projects which cover infrastructure, energy and agriculture.
A total of 28 organizations from Uganda, Ghana, Ethiopia, Ivory Coast, Mozambique, and other African countries talked about 21 projects that may win the cooperation of Korean businesses, at the 9th Korea-Africa Industry Cooperation Forum held in Seoul on Dec. 13 and 14.
The 21 projects under discussion at the two-day forum were of high interest to Korean businesses, and of great need across Africa. They are worth approximately USD 7.8 billion, equivalent to roughly KRW 9.1 trillion.
Businesses from 12 African countries share their industrial projects during the 9th Korea-Africa Industry Cooperation Forum in Seoul on Dec. 13.
As it becomes increasingly difficult for African enterprises to secure financial aid from the Export Credit Agency for their project on thermal power generation, demand for new renewable energy sources has risen over the recent years. For this reason, many participating companies have shown their keen interest in new renewable energy at one-on-one talks with Korean companies and financial organizations. One of the results of the forum is that a business which replaces traditional lights with LEDs for which the Ghanaian government will place an order, is most likely to be awarded to a Korean firm. This project is estimated to be worth USD 30 million, equivalent to KRW 35 billion.
Additionally, the participants sought bilateral cooperation in the agricultural field. Ugandan Minister of Agriculture, Animal Industry and Fisheries Vincent Ssempijja called on the Korean government for more support in the agricultural development across his country, as he mentioned Seoul’s advanced farming techniques and equipment.
Representatives from eight African nations — Kenya, Ethiopia, Nigeria, South Africa, Egypt, Ivory Coast, Senegal and Zambia — shared information regarding their own investment environments and promising businesses.
The 9th Korea-Africa Industry Cooperation Forum in Seoul on Dec. 13 allowed both Korean and African businessmen and women to talk about the current market trends and investment environment, and also discuss ways to further cooperation across industries.
“This year’s forum not only enhanced Korea-Africa cooperation on a variety of potential industrial projects, but also expanded the scope of investment cooperation and, also, discussions about boosting mutual cooperation,” said Vice Minister of Trade, Industry and Energy Woo Tae-hee. “Hopefully, we will continue to strengthen our win-win partnership with African countries by sharing our own development experiences. We will also continue to increase investment and further enhance the partnership, in particular, across infrastructure and plants,” the vice minister stressed.
Participants of the 9th Korea-Africa Industry Cooperation Forum pose for a group photo. They travelled from 12 African countries to Korea to attend the Seoul forum.
By Sohn JiAe
Korea.net Staff Writer
Photos: Korea Trade-Investment Promotion Agency
jiae5853@korea.kr
