- Top policymakers and business leaders from Africa and the Republic of Korea gathered in Paris on Tuesday to discuss regional integration, industrial productivity and ways to further economic growth and cooperation.
- Over 150 leaders attended the Africa-Korea Business Summit. Speakers at the event included Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), Albert Muchanga, African Union (AU) Commissioner for Trade and Industry, Jang Sung-min, Special Envoy and Senior Secretary to the President for Future Strategy of the ROK, Mzé Abdou Mohamed Chanfiou, Finance Minister of the Union of Comoros, Sim Thsabalala, CEO of Standard Bank and Yu Jeong-joon, Vice Chairman of SK Group
SEOUL, South Korea, Sept. 14, 2023 /PRNewswire/ — The Africa-Korea Business Summit was hosted at the Peninsula Hotel in Paris by the Korea-Africa Foundation and the Korea Chamber of Commerce and Industry (KCCI) with support from the Ministry of Foreign Affairs of the Republic of Korea. The theme for the business summit was ‘Africa-Korean partnership in an era of great transformation.’
The President of the Korea- Africa Foundation, Lyeo Woon-ki stated ‘This summit was organized to lay the foundation for ‘2024 Korea-Africa Summit’ scheduled for next year and to provide an opportunity for Korean companies to explore market entry strategies into Africa and enhance their understanding of cooperation measures, especially given the full implementation phase of the AfCFTA that commenced in 2021.” The Korean government plans to host the Korea-Africa Summit in 2024 in Korea.
The AfCFTA is the most extensive free trade zone both in terms of geographical coverage and the number of participating countries since the inception of the World Trade Organization (WTO). Fifty-four of the 55 African Union countries (excluding Eritrea) are members of the organization, representing 1.3 billion people and the economic bloc boasts a collective GDP of $3.4 trillion.
The summit featured presentations and in-depth discussions on topics including economic integration, trade, industrialization and productivity gaps, and opportunities for collaboration with Korean businesses and investors across a range of industries including agriculture, mining, energy, renewables, manufacturing and digitalization.
The sessions were attended by over 150 participants, including Wamkele Mene, Secretary-General of the AfCFTA; Albert Muchanga, Commissioner for Trade and Industry of the African Union Commission; Jang Sung-min, Special Envoy and Senior Secretary to the President for Future Strategy of the ROK; Sim Tshabalala, joint Chief Executive of the Standard Bank Group; Ban Ki-moon, former UN Secretary-General; Yu Jeong-joon, Vice Chairman and Head of U.S. Government & Corporate Affairs for SK Group; and Seo Sang-hyun, Senior Researcher at POSCO.
Former UN Secretary-General Ban Ki-moon, in a video message delivered to commemorate the event, said, ‘The Africa-Korea Business Summit is an excellent initiative’, adding that ‘Africa stands at a critical juncture and the continent is entering a new phase of high-powered economic integration.’
Mr. Ban elaborated by saying, “Africa is rapidly emerging as the world’s largest growth market,” and he went on to emphasize, “Without Africa, we cannot supply the impetus for green revolution or address pressing global issues such as the climate crisis.”
Wamkele Mene, Secretary-General of the AfCFTA, delivered remarks during the session on the day, stating ”Challenges in Africa also act as opportunity for investors. ‘Hyundai’ could build manufacturing bases in Africa and ‘Samsung’ could expand theirs, not just in South Africa and Egypt as they do now.”
Choi Kyong-lim, former Korean representative for WTO CTG stated “Geographically Korea is a very small country, however, our trade volume is the ultimate opposite with being ranked one of the biggest economy in the world. But the trade volume between Africa and Korea is less than 2 percent.” and encouraged the participants “to put efforts for enhancing the economic partnership between Africa and Korea.”
Also, Mr. Choi mentioned 2024 Korea-Africa Summit and urged Africa to support 2030 Busan EXPO which would be a significant business opportunity to Africa.
Jang Sung-min, Special Envoy and Senior Secretary to the President for Future Strategy of the ROK who represented President Yoon Suk-yeol at the event said that ”Africa is being elevated as the biggest and the most important growth hub in the global arena. Major efforts for the regional integration with AfCFTA will be the gateway to Africa’s boundless potential. Prosperous Africa accords with not only international community but also with Korea, creating opportunities of new market to Korean private sectors upon the mutually beneficial genuine partnership”
Albert Muchanga, AU Commissioner for Trade and Industry who participated in a panel on industry and the great productivity gap in Africa stated that “Increasing productivity growth is imperative to achieving inclusive growth and sustainable development across Africa.” and “As Korea’s development experience, overcoming the productivity gap by investing in human capital development and utilization is a lesson to Africa and with the partnership between Korea and Africa, the continent will become a key engine of global economic expansion.”
Vice President Yu for International Cooperation at SK Group, the second-largest conglomerate in Korea, said, ‘I am honored to participate in this business summit, which will explore new opportunities for cooperation between the Korean private sector and African countries.’ He further stated, ‘Given the continent’s unlimited business potential, it is crucial to strengthen bilateral relations and enhance our understanding of African nations.’
‘This summit holds even greater significance as it elevates itself beyond a business forum’, said Lyeo Woon-Ki, President of Korea-Africa Foundation, and he expressed his hope that it would serve as a meaningful opportunity for shaping new cooperation initiatives between Korea and Africa.
Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors developed by Government of Ghana and SEforALL
NEW YORK, Sept. 22, 2023 /PRNewswire/ — His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.
The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.
Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.
The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.
Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.
Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.
By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.
The Energy Transition and Investment Plan was developed by the Government of Ghana with technical support from Sustainable Energy for All (SEforALL).
“This pioneering Energy Transition and Investment Plan maps out Ghana’s journey to achieve net-zero emissions by 2060 based on the latest data and evidence, ensuring that as our economy thrives, it does so in harmony with the environment. This plan is a testament to our dedication to fostering green industries, nurturing the evolution of cutting-edge low-carbon technologies, and propelling our nation towards a sustainable industrial revolution while giving equal growth opportunities to men and women.”
-His Excellency Nana Akufo-Addo, President of the Republic of Ghana
“Ghana’s commitment to a just and equitable energy transition has translated to an ambitious plan that builds a case for low-carbon and energy-efficient solutions across Ghana’s entire energy system. These solutions present a tremendous opportunity for partners and investors from around the world to contribute to climate action and sustainable development in Ghana.”
–Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
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World Investment Forum to incentivize global investment in sustainable development
ABU DHABI, UAE, Sept. 22, 2023 /PRNewswire/ — Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries.
The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.
Over 7,000 investment stakeholders from 160 countries will be participating in the 8th edition of WIF at the Abu Dhabi National Exhibition Centre (ADNEC).
The UAE hosting WIF this year coincides with the country’s declaration of the year 2023 as the “Year of Sustainability,” which will encourage nationwide commitment to sustainable practices and innovative solutions to help address environmental issues on a global scale.
His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the country’s dedication to sustainability, saying that “the UAE is committed to playing a leading role in the global transition to a more sustainable future. We believe that WIF 2023 will provide a unique platform for international leaders to come together to mobilize the necessary investments to make this transition a reality.”
His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) said: “Hosting WIF 2023 reflects Abu Dhabi’s approach and commitment to sustainable socio-economic development, which is based on strong beliefs and a long history of the wise use of resources. We will be working closely with all partners to ensure that the Forum’s conversations generate innovative ideas and solutions to create a more sustainable future for all.”
Some of the sustainability sessions include “Delivering Public Sector Investment for Sustainable Development” in partnership with ACCA; “Alignment of Investment in Sustainable Infrastructure with the Paris Agreement” with Middlesex University Dubai; and “Accelerating Green Investments in Tourism for Sustainable Development” with the United Nations World Tourism Organization (UNWTO).
Anhui Targets Rapid Expansion into a Leading Smart and Green Manufacturing Hub
HEFEI, China, Sept. 22, 2023 /PRNewswire/ — As the global spotlight turns to the 2023 World Manufacturing Convention, the economic pulse of a nation’s strength remains deeply rooted in its manufacturing capabilities. Highlighting this, the Anhui Provincial Department of Economy and Information Technology unveiled the ‘Anhui Manufacturing Development Report’. This comprehensive document chronicles Anhui’s strategic steps and milestones in bolstering its manufacturing prowess.
In a strategic move to harness the nation’s prime economic opportunities, Anhui Province has integrated itself into the burgeoning Yangtze River Delta, aiming for top-tier development in the central region and capitalizing on the Yangtze River Economic Belt’s potential. Anchored by their ‘Three Places, One Zone‘ strategy, Anhui is steering its economy towards modern industrialization, with a concentrated effort on sophisticated, eco-friendly manufacturing. This pivot to green and intelligent manufacturing is paying off. Anhui, once known for its nascent industries, now boasts a manufacturing added value surpassing one trillion yuan. The province’s advancements in quality manufacturing cement its place among the nation’s leaders. This economic evolution has elevated Anhui’s stature from ‘mid-tier volume with a lower per capita’ to a ‘front-runner in total volume with a respectable per capita’.
Spotting the profound technological and industrial transformations on the horizon, Anhui Province is positioning itself at the forefront of the next industrial wave. By actively promoting the swift evolution of ten emerging sectors, the province has crafted an industrial landscape valued in the trillions. To illustrate this growth, last year alone, 15 industries in the region posted revenues that exceeded 100 billion yuan each.
On the business landscape, Anhui’s strategy is both diversified and targeted. The province champions its seasoned businesses, kindles the rise of startups, and actively courts significant industry players. Central to this strategy, Anhui has fine-tuned a robust framework aimed at supporting businesses at every stage of their growth journey. In tandem, the province is shaping a collaborative environment where businesses, be it large corporates or small startups, can thrive and intersect. The fruits of this deliberate approach are clear: businesses in Anhui are not only more vibrant but are also carving a stronger competitive edge in the market.
From the perspective of technological content and quality benefits, Anhui is doubling down on enterprise-led innovation. The manufacturing sector is witnessing a wave of fresh, innovative outputs. Concurrently, the province is ramping up its capacity to deliver top-tier products and services. As a testament to these efforts, ‘Made in Anhui‘ products are quickly becoming household names both nationally and internationally.
- Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
- World Investment Forum to incentivize global investment in sustainable development
- Anhui Targets Rapid Expansion into a Leading Smart and Green Manufacturing Hub
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