7 Agreements From Korea-Africa Summit -Agriculture, Energy, Water, Financial Investment Sectors Tipped

MONROVIA: As the maiden edition of the Korea-Africa Summit was concluded in the Korean capital Seol, and other African delegations were reporting publicly on their somewhat lucrative gains from the event, and with scanty information on Liberia’s benefit therefrom, social and traditional medias were afire back home with the usual outburst of cynical lamentations and outcries over failure to assert at international forums. But it looks like the Liberian delegation was holding their “good news” under the armpit, something they have now unveiled. As The Analyst reports, Liberia’s participation has at the summit has extracted a handsome reward—seven Memorandum of Understandings targeting key pillars of the administration’s ARREST Agenda.

President Joseph Nyuma Boakai, Sr.’s visit to the Republic of Korea has led to a significant milestone as the National Investment Commission, the Ministry of Foreign Affairs, and the Ministry of Agriculture reportedly signed seven Memoranda of Understanding with Korean multinational companies.

According a press release, the agreements are poised to bring about substantial improvements and developments in key sectors.

The release states that upon implementation, the MOUs will ensure a more robust and reliable energy sector through the provision and development of solar energy power plants, investment in agricultural research to enhance food productivity and seed development, and the supply of prepaid meters to facilitate easy and unhindered access to water supply.

Additionally, the MOUs involve significant investments in the financial sector and job creation ventures, among several other impactful initiatives.

The release named companies with whom Liberia signed up to include Daehan Smart Meter Co., Samdo Electric Energy, Korea-Agro Fisheries and Food Trade Corporation, Korea SOiVA R&D, the Africa-Korea Economic Development Association, and the MAKE Group, are aligned and committed to making a substantial difference.

The release quoted the Minister of Foreign Affairs and Dean of the Cabinet, Madam Sara Beysolow Nyanti, who spoke on behalf of the Liberian Government as conveying unwavering confidence and enthusiasm in the robust engagement of the delegation as these were also an outcome of the preparatory meetings and the business and investment roundtables led by the Foreign Minister.

This underscores the promising potential of the signed memoranda and the government’s commitment to their successful implementation, Minister Beysolow Nyanti noted, expressing profound gratitude to the Korean business leaders and the government of Korea for their indispensable support throughout the process.

In separate remarks, President Boakai reiterated his steadfast commitment to improving the livelihood of the Liberian people.

He said the signed memoranda, if implemented, would not only create job opportunities and positively impact the livelihood of the citizens but also open up the country to promising opportunities, ultimately establishing Liberia as a key investment and tourism destination.

During the Liberia delegation visited to Seoul for the Korea-Africa Summit, host a held a pivotal Business Roundtable at the Grand Hall 2&3 of the Grand Walkerhill in Seoul which brought together key figures from Liberia and Korea to foster dialogue and collaboration, particularly focusing on Liberia’s business climate and investment opportunities.

The roundtable featured prominent attendees, including president Boakai who was accompanied by a delegation of eight members. The Korean side was represented by 25 leaders from various business sectors.

The discussions at the roundtable culminated into the signing of a Memorandum of Understanding (MOU) with the Korea Agro-Fisheries & Food Trade Corporation (aT), represented by CEO Kim Chun-jin. The MOU is expected to pave the way for enhanced cooperation in the agro-fisheries and food trade sectors.

CEO Kim Chun-jin of the Korea Agro-Fisheries & Food Trade Corporation (aT) is leading the “Low Carbon Diet Food Campaign” to overcome the climate crisis.

He said, “This campaign aims to change people’s habits. The IPCC Assessment Report 6 identified humans as the primary factor in climate change. How can we change people? By encouraging them to adopt low-carbon eating habits, we can change their behavior.”

The climate crisis, he said, must be overcome. “If we change people, we can overcome the climate crisis. The UN has announced that livestock and fisheries account for 31% of food emissions. Therefore, this is a campaign that can reduce emissions. With today’s MOU signing, we will work together with 679 organizations from 46 countries.”

Chung Tong-soo, Honorary Ambassador for Foreign Investment Promotion of the Republic of Korea and former Commissioner of Invest Korea, delivered the welcoming statement, and emphasized the significance of strengthening economic ties between Korea and Liberia.

Minister of Information, Jerolinmek Piah, introduced the Liberian delegation, highlighting the diverse expertise and collaborative spirit they brought to the summit. This was followed by a welcome speech from President Boakai, who expressed optimism about the potential for increased investment and mutual growth. President Joseph N. Boakai emphasized Liberia to be a “young country” with rich resources, and a country that offers enormous potential on agriculture and forestry.

An interactive discussion on Liberia’s business climate and investment opportunities was co-led by Hon. Jeff Blibo, Chairman of the Liberia National Investment Commission, and Honorary Ambassador for Foreign Investment Promotion, Chung Tong-soo.

The discussion provided an in-depth analysis of Liberia’s economic landscape, focusing on key sectors for investment and the country’s commitment to creating a conducive environment for foreign investors.

The event concluded with an official group photo session, capturing the collaborative spirit of the summit, followed by a networking session that allowed participants to engage in more informal discussions and forge new partnerships.

The 2024 Korea-Africa Summit Business Roundtable successfully underscored the mutual benefits of enhanced economic cooperation between Korea and Liberia, setting the stage for future collaborations and sustainable development initiatives.