Boakai Off for Korea-Africa Business Summit -What’s Particularly Promising About the Seol Meeting?

MONROVIA – The Executive Mansion has reported that President Joseph Nyuma Boakai, Sr., left the country for South Korea Saturday, June 1, 2024, heading a high-power delegation to the Korea-Africa Summit.

Though Executive Mansion release announcing the president and delegation’s departure did not say how long the event will last, The Analyst established that from June 4-5, “the 2024 Korea-Africa Summit will take place in Ilsan where African Heads of delegations and Heads of Africa-related international organizations participate under the theme of ‘The Future We Make Together: Shared Growth, Sustainability, and Solidarity.’”

According to the organizers,the 2024 Korea-Africa Business Summit will be a grand-scale economic event where major government official, business leaders and economic experts will be brought together to discuss agendas such as industrial development, trade expansion, strengthen food and mineral security, and responses to climate change, all of which are of mutual interest to the Korea and Africa.”

Speakers and discussants will be deliberating on a number of subthemes including “Industrialization and Investment Promotion,” aimed at achieving mutual growth through sustainable industrial development and the promotion of investment between Korea and Africa.

“Trade Expansion and Job Creation” is a theme that seeks to promote economic cooperation by expanding trade between Korea and Africa and by creating new jobs and business opportunities, while the theme, “Strengthening Food and Mineral Security” seeks to achieve stability and diversity in food and key minerals and to strengthen economic security through resource cooperation between Korea and Africa.

The theme “Decarbonization and Climate Change Response” will also be deliberated upon as a way of promoting close cooperation between Korea and Africa in responding to climate change and working towards carbon neutrality.

MOU Signing

The Summit is expected to produce an MOU that will be signed for the expressed purpose of facilitating “comprehensive Korea-Africa economic cooperation by establishing Korea-Africa Economic Committee.”

“We are pleased to announce that during the upcoming 2024 Korea -Africa Business Summit, there will be a significant side event: the signing of a Memorandum of Understanding (MOU) between major economic organizations of Korea and Africa,” said a statement put up by the conference secretariat. “Several MOU ceremonies, including the establishment of Korea – Africa Economic Committee, will mark a pivotal step in fostering closer business ties between Korea and Africa. Through this partnership, we aim to enhance Korea-Africa economic cooperation and create a robust framework for business initiatives.”

Besides the MOU that will be signed between the Korea International Trade Association (KITA) and 54 African Nations, represented by the secretariat of the African Continental Free Trade Area (AfCFTA) Secretariat, two African countries are singled out to sign respective MOUs. They are Zimbabwe and Mozambique.

What’s There for Liberia to benefit?

The Liberian government delegation says the event will provide a vital platform for Liberia to showcase its investment potential and to explore opportunities for support to key sectors including agriculture, roads, energy, tourism, and technology, as President Boakai will be speaking at the Opening Session of the “Strengthening Food and Mineral Security” Forum under the Korea-Africa Business Summit.

It is also reported that the President will also hold bilateral talks with H.E. Yook Suk Yeol, President of South Korea, and other leaders and entrepreneurs on the margins of the summit.

Government officials who accompanied the President are expected to participate in various discussions and events, the Executive Mansion release said, adding that “this will help attract tangible investments and partnerships that will contribute significantly to Liberia’s economic development.”

Liberia’s participation in the Korea- Africa Business Summit, it is stated, “will strengthen its bilateral relations with South Korea and more so, the Asian region,” as President Boakai will use the occasion to underscore Liberia’s commitment to engaging with global partners to drive economic progress and improve the livelihoods of the Liberian people.

The Official Delegation accompanying the President to the Korea-Africa Summit include: Senator Abraham Dillion, Montserrado County; Representative Taa Wongbe, District #9, Nimba County; Sara Beysolow Nyanti, Minister of Foreign Affairs; Brigadier General (Rtd.) Geraldine George, Minister of Defense; Alexander Nuetah, Minister of Agriculture; Ambassador Blamo Nelson, Liberian Ambassador to Japan & Korea; Jerolinmek Piah, Minister of Information, Cultural Affairs and Tourism, and Sam Stevquoah, Minister of State Without Portfolio/Special Service.

Others are Dehpue Zuo, Deputy Minister for Economic Management, Ministry of Finance Development Planning; Jeff Blibo, National Investment Commission Chairman, and Morley Kamara, Senior Economic Advisor to the President.

Additionally, the President also traveled along with his support staff and assistants on communications and media, security, and others, the Executive Mansion release also added. “The delegation is expected to return to the country on June 8, 2024.”

While the President is out of the country, the Minister of State for Presidential Affairs and Chief of Staff, Honorable Sylvester M. Grigsby, will chair the Cabinet in consultation with the Vice President and in close consultation with the President.

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